World Economic Forum hopes to end corruption using blockchain
The World Economic Forum (WEF) hopes to eliminate corrupt activity in the public sector by using blockchain technology.
„Corruption is a ‚high potential‘ space for blockchain because it really benefits from decentralisation; records are very difficult to remove or censor, for example,“ Ashley Lannquist told Cointelegraph, leader of the WEF blockchain project.
Lannquist is one of the authors of a June report detailing how the Bitcoin Lifestyle, Colombia’s Office of the Inspector General and the Inter-American Development Bank have formed „a multi-stakeholder team to investigate, design and test the use of blockchain technology for corruption-prone government processes.
Chainlink and MakerDAO are renamed „Technology Pioneers“ by the World Economic Forum
Corruption comes from the shadows
The report states that shady deals plague the public sectors of many countries, but increased transparency, public accountability and proper documentation are solutions. Blockchain is one way to do this.
Known as the Transparency Project, the WEF’s multi-agency effort seeks specific applications in public procurement. The group will take advantage of an unpermitted version of the Ethereum blockchain for the work.
Colombian Government signs WEF Blockchain principles to protect users
The Transparency Project has in mind a place for experimentation
The WEF blockchain project has selected Colombia as a test site for its blockchain-based framework, according to the report. They add:
„The project developed a blockchain-based proof-of-concept (or PoC) software for public procurement, which is intended to be tested at a live procurement auction in Colombia in 2020.“
It will be tested in a public education food program in Colombia that has previously had problems with corruption.
The World Economic Forum considers that blockchain will be efficient to restart the world economy
The paper cites the benefits of Blockchain in terms of audit, decentralization, smart contracts, transparency, immutability and archiving capacity. „These properties make Blockchain an emerging technology with high potential to address corruption,“ the report says, adding:
„The project chose to focus on the public procurement process because it is one of the largest sources of corruption worldwide, benefits from these technological properties and plays an important role in serving the public interest.“
Blockchain has also seen other real-world applications in recent years; companies like Amazon, Microsoft and Intel are leading the charge.