Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Total Transparency: How Blockchain and Cryptocurrencies Can Curb Corruption
2.5 k views
The advancement in technology has improved transparency and accountability in many sectors to reduce cases of corruption. These days, the money funded to steer development projects can be tracked up to the last coin, but has it been able to curb corruption? Criminals still find their way to carry out their illegal dealings. Blockchain technology provides an efficient way of curbing corruption in government institutions as well as private institutions alike.
This article focuses on how blockchain technology can help curb corruption and improve people’s lives.
What’s Blockchain Technology?
Blockchain is defined as a decentralized, distributed ledger technology that publicly records transactions involving digital assets. The technology allows your digital information to be distributed but not copied-each individual pieces of information to have a single owner. Information is stored in multiple locations and updated instantly. This way, the information cannot be altered without being verified by the public. Also, a single block cannot be altered without the alteration of all subsequent blocks.
Blockchain – A Solution to Corruption?
While there exist numerous anti-corruption policies in governments today, corruption is still an enormous menace. In fact, corruption is deeply rooted in government institutions, with the current generation perceiving it as an ordinary or normal vice. Blockchain offers an ideal solution to corruption. In a blockchain network, a subsequent block contains data regarding the previous block. Also, the information stores in a single block cannot be changed or deleted-it can only be verified. Additionally, blockchain technology leverages the principle of decentralization and distributed databases without a central authority. All information is recorded in an encrypted form on the computers of network users, i.e., nodes. This feature enhances openness, transparency, and immutability of data, vital in eliminating corruption in private and public institutions.
Blockchain technology is also versatile and universal. It can be applied in almost any field, including international economic relations, production, voting, trade, medicine, education, state administration and governance, the judicial system, etc.
How can Blockchain Achieve Corrupt fewer Institutions?
Secure transactions
Adopting cryptocurrencies that use cryptography can help to ensure that payments are made securely. If it’s for a project, it allows every user to be identified, and the transaction is done successfully. A common digital currency like Bitcoin can be used anonymously; if users share their personal information like their ID number, the currency stops being anonymous. In this case, using cryptocurrency will encourage instant transactions beyond ownership borders and, in turn, reduce the time it takes to transact. This will minimize any intermediaries that usually give space for corruption.
Transforms the government
As much as the new technology disrupts our lives, it can transform the government to go digital and embrace the digital innovations that come with it. Change in technology makes citizens expect more from the government, starting with modernizing its bureaucracies to keep up with digital citizens. It will have to improve on the speed, quality, and integrity of doing things because citizens deserve better services and accountability of the money. With technology, it has improved transparency and the potential of the blockchain to improve government operations.
Unblocking potential
Blockchain technology has brought so much hype because of its potential to streamline the government and create peace between parties. If it becomes the government’s backbone, main functions like identity verifications, transaction certification, and asset registration would be securely and faster. Cryptocurrencies call for more security because it handles information and that can easily be compromised. Data privacy is important because technology will have an unprecedented level of securing data that will guarantee authenticity. There will be no risks of falsification that will entirely reduce corruption.
Promotes transparency
With blockchain technology, there will be a decentralized way of doing things. All transactions are recorded, and one can easily track where every coin goes. The technology has attracted many development and anti-corruption organizations to help in the fight against fraud and corruption. The tools used in this technology will help reach Sustainable Development Goals in which its activities will include financial and legal identities.
Blockchain technology has displaced the traditional payment methods to reduce the costs of transactions and push for intervention in auditing of funds. If the technology is implemented, it will increase the efficiency of operations and, in the process, bring profits. In the process, it will improve traceability, promoting transparency in public services.
Gaining control
Digital currency has encouraged borderless transactions. The technology has been designed in such a way not to be restricted to countries. Many financial institutions in different countries are now adopting it to modify their operations. Libra, for example, it’s a digital currency that has helped companies and NGOs to launch projects and regulate their activities.
The blockchain links data in a chained structure, and through its tool, it has been able to establish trust among people. Some see this blockchain as “promising disruptive technology in the fight against corruption” since it uses different applications that have brought contradicting opinions to enthusiasts. It is reliable, especially in countries having a challenge with corruption and fewer developments.
Reduced illegal activities
Corruption remains a major political and social problem. It has taken root in the government and has complicated ways of doing things. Corruption is perceived as a normal thing that happens in our society, hence losing significant corruption schemes. Blockchain, as mentioned before, it’s a network and has a unit of measurement. It’s able to monitor participants through their network and their information. Blockchain technology guarantees that no illegal activities like extortion, blackmail, and corruption will take place. It is yet to resolve many problems in different fields.
Improve the voting system
Corruption starts with choosing the wrong leaders. Since voting is a daunting task, including blockchain technology will ensure hassle-free elections. The technology will help to conduct fair elections since it can count votes and accurately present data in the system. Since everything in a blockchain is recorded, the ledger can be accessed publicly, and it will show that the voting system is authentic and fair.
Many companies, such as Democracy Earth, are working to improve this online voting system. It will be beneficial to citizens so that they can choose the right leaders. Countries like Argentina are starting to embrace identity verifications, track the government’s budget, and vote before elections. Using technology will uproot corruption from our systems and bring a ray of hope because corruption has caused many social problems.
Final Words
Corruption has led to a lack of trust in the public sectors between citizens and the government. As mentioned above, the points should act as a fundamental principle to encourage blockchain technology. Its applications will benefit governments, which will bring a whole transformation in its operations in a country. It will exclude illegal activities and fight corruption to the core. The technology also promises secure transactions in financial institutions and prevents tampering of information by corrupt people.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
It has essential features that will help regain integrity in public sectors by verifying identities, promoting transparency by tracking funds, and registering assets without falsified documents. Crypto technology will be here to procure contacts and increase the confidence of people towards the government. These digital tools are highly dependent on codes; hence it assures of security significantly.
Previous
The Average Loss of XRP’s Investors May Soon Soar
Next
Binance Customers Can Now Buy Bitcoin with GBP
Written by
Wayne Jones
@wjones
561 posts
More author posts
How SolidProof Ensures Transparency and Security through Audit and KYC Systems
Solidproof is among the most trusted blockchain security and smart contract auditing companies in the crypto market today. The Germany-based company aims to fix the security and transparency issues smothering the crypto space. But, unfortunately, as the industry attains more progress, so do the opportunities for bad actors to victimize honest investors. According to a yearly report on crypto crimes by Chainalysis, $14 billion of all transactions in crypto in 2021 were associated with scams or money laundering. These figures…
3 years ago
The Importance of Backtesting Crypto Investment Strategies
Crypto backtesting involves running and applying a specific trading strategy to historical market data to evaluate how it would have performed. The analytical method delivers a clear overview of qualified strategies that can be applied in a real-world environment using real capital. The mathematical simulation provided by crypto backtesting is an essential component that traders use to analyze past market data and ultimately develop an effective trading system. The process can empower investors to pick out a crypto strategy that…
3 years ago
aelf Announces Its First Metaverse-Themed Hackathon with Money Prizes
aelf network has announced its metaverse-themed Hackathon, “Top of OASIS,” which will take place on December 12, 2021. The platform encourages all potential participants to advance their project proposals by February 9, 2022. Additionally, aelf will offer full support to all the projects participating in the Hackathon. Developers can register their blockchain projects, including DeFi and GameFi proposals, and compete for spots in aelf's prizes pool. Top of Oasis Hackathon Main Dates Top of OASIS is aelf’s first metaverse-themed blockchain…
3 years ago
Institutional Investors who have Expanded their Portfolio in 2021
Cryptocurrency and blockchain investments from the first nine months of 2021 have surpassed last year's total. In the first half of 2021, the worldwide crypto and blockchain activity was $8.7 million, more than double last year's figures. It is a significant sign that institutional money is streaming into crypto. Furthermore, it increases the investor base, and thus the institutional awareness and knowledge of this sector are also surging. The "institutional adoption" of crypto is already underway. Today we focus on…
4 years ago
Understanding Cardano, IOHK, and EMURGO
Cardano is the first decentralized public blockchain platform developed on a research-first-driven approach. Charles Hoskinson, the co-founder of Ethereum, created it in 2015 and later launched it in 2017. It comprises a development team of global researchers and engineers. This platform's development continued thanks to academics, computer scientists, and their peer-reviewed papers. The Cardano ecosystem involves three founding entities that work together. These partners are EMURGO, IOHK Company, and The Cardano Foundation. Cardano in a Nutshell Cardano is a public…
4 years ago
Billionaires Who Have Publicly Showed Interest in Cryptocurrencies
The cryptocurrency boom of 2017 saw a rise in their acceptance from prominent economic figures. Since then, their volatility has continued significant investments in them. Today there's a push for their global mass adoption. Industry-leading lights and renowned celebrities have expressed their support for the assets. Nothing best captures this reality than Forbes's recent list of the world's wealthiest people. It indicates a growth in the number of crypto billionaires over time. From an asset that courted controversy and skepticism,…
4 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views