Blockchain, Cryptocurrency, Fraud and Scams, News & Updates

Denmark will use Blockchain Tech as a Weapon against Corruption

The Ministry of Development Cooperation, signifying the Danish Government, released a report on confronting corruption at the International Anti-Corruption Conference (IACC).

The article outlines blockchain technology as a digital instrument to fight political corruption, which has burrowed itself deeply into many administrations.

With the help of digitalization, new tools have been implemented to fight corruption. The Danish Government is confident that transparency concerning the distribution of finance and land ownership can be accomplished when acquisition and public services are digitalized through blockchain technology. When this is achieved, corruption can be decreased in administrative practices.

The Minister for development cooperation, Ulla Tørnæs, stated:

“With digital technologies, we now have new tools to fight corruption. With this report, we wish to start a discussion about potentials and dilemmas. On one hand, there are enormous possibilities and on the other hand, we should not forget the risk that comes along with them.”

Blockchain opens up new paths for anonymous reporting and whistleblowing through crowdsourcing.

For example, China lately set plans in place to employ blockchain-based systems to heighten the monitoring of its judges and police officials, defeating corrupt practices in the process.

The article also gave particular attention to the various ways men and women are influenced by digitalization in fighting corruption. Most women in developing countries are denied access to technology as opposed to men.

Tørnæs said,

“The report has special focus on how the use of technology can risk enhancing existing divisions between men and women in developing countries. Simply because women in general have less access to internet, mobile technology and digital solutions.”

Lately, Russia’s Ministry of Finance proposed amendments to the digital currency ban.

Don’t Miss This Article:

Leave a Comment

Leave a Reply