Blockchain can root out corruption!

An article published on the World Economic Forum (WEF) website argues that governments can tackle issues such as waste and corruption by working with blockchain. Corruption and waste of resources is a major problem in many developing and underdeveloped countries, WEF believes that blockchain technology will be useful to combat it.

Advantages of blockchain in public administration

Transparency is one of the biggest problems of modern states – says the analyst of SafeTrading. Justice, the correct use of public resources and the prevention of corruption are only possible with a transparent government structure. This is what the World Economic Forum protects in its article. In other words, governments can only develop the transparency they need with a blockchain-based structure.

SettleMint co-founder and CEO Matthew Van Niekerk wrote an article posted on the site. The article argues that with the introduction of blockchain technology, public procurement and land accounting will be carried out in a more transparent and efficient manner.

According to Nikerk, “public procurement” is at the core of corruption and waste in the public sector. Since the processes are managed in a closed manner, even if it is a tender procedure, government officials and officials of private companies may enter into some special interest agreements.

Since blockchain records cannot be changed, the public and media organizations, that is, everyone, will be able to access all the data they are interested in. For example, details of purchases made by municipality A can be obtained through the transparency window. Fake numbers or misleading data will not be processed there, because all transactions will be made in a single chain and everything must be correct.

Finally, the Department of Commerce announced that it will provide a new service using Blockchain technology.

Blockchain in deals on deals

Land registry and registration procedures continue to be a problem in all countries of the world. Due to the mistakes / abuse of personnel and the actions of malicious citizens, a large number of objects unfairly pass from hand to hand every year. This problem occurs in everything from local sales to car sales.

However, moving to a blockchain-based land registry system could eliminate all of these problems. For example, an attacker landlord cannot illegally transfer property to a relative because he or she needs permission from validators on the network. He cannot eliminate the violations he made in the shredders because the blockchain data is not lost.

For example, let’s imagine a blockchain-based structure that works in sync with a bank during the vehicle registration process. You send money and the network automatically transfers the vehicle to you. The money came, the car was not taken, or all fraudulent tactics such as coming next week are blocked.

What cryptocurrencies are organizations interested in?

For the first time in five weeks, digital asset investment products have stopped losing capital. This indicates a change in investor sentiment.

According to a July 5 report by cryptocurrency manager CoinShares, mutual funds and digital asset products first surfaced in more than a month last week.

This indicates that institutional investors are again bullish despite a major market correction. Also people are afraid to lose their money, since not all of them have used best ethereum wallet android and now they can’t invest too much.

In total, the crypto funds received $ 63 million in fresh capital last week. Canadian crypto ETF provider Purpose Investments recorded the largest inflow ($ 29.1 million).

$ 39 million (or 61 percent of the total) capital flowed into Bitcoin, the largest cryptocurrency.

However, the bullish trend was widespread and all major alternative cryptocurrencies experienced entries rather than exits for the first time in 9 weeks.

Ethereum leads the $ 18 million altcoin package. Ether surpassed Bitcoin significantly last week ahead of the highly anticipated and hotly discussed EIP-1559 update, which is expected to happen this month.

Polkadot, XRP and Cardano received applications for $ 1.2 million, $ 2.1 million and $ 0.7 million, respectively.

While the numbers are encouraging for bulls after the five-week breakout line, it’s not a big improvement over the $ 4.5 billion inflow that crypto funds received cumulatively in the first quarter of the year.

Modest records posted last week suggest the old market is testing water this time, rather than taking a deep dive as it did in early 2021.

Additionally, Bitcoin’s trading volume has reached its lowest level since November 2020, according to data from CoinShares, indicating a decline in interest.

Bitcoin is currently in the midst of a selling panic on Monday and is currently trading at $ 33,698, down 4.74 percent, according to data from CoinMarketCAp.

But you can learn about the best and safest cryptocurrencies for investment using the confirmed telegram channels that you can find on the SafeTrading website.

Also, there you can find the best ethereum wallet android, and then you can not worry about your savings and personal data, since your safety is paramount for the owners of this wallet.

Also, if you wish, you can consider other wallets presented on the site, but be careful and choose only confirmation by the SafeTrading site.


Follow Us for Instant Updates

Follow us on Twitter, Like us on Facebook  Subscribe to our Youtube Channel 

Spread the love
Categories: Cryptocurrency


Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *