- By using the power of blockchain, the world economic forum is hoping to make corrupt activity in the public sector significantly more difficult.
- Ashley Lannquist, the blockchain project lead has said that “Corruption is a ‘high-potential’ space for blockchain...”
By using the power of blockchain, the world economic forum is hoping to make corrupt activity in the public sector significantly more difficult. Ashley Lannquist, the blockchain project lead at the economic forum has said that “Corruption is a ‘high-potential’ space for blockchain because you really benefit from decentralization; records are very difficult to remove or censor, for instance.”
The recent report was released by the WEF with Ashley being one of the authors behind it. The report looks into how the forum, the office of Inspector General of Columbia, and the inter-American development bank have formed a multi-stakeholder team in order to investigate and design the use of blockchain for corruption in government processes.
There are several dodgy dealings going on that go around the public sector of many countries over the globe. But there are solutions. This would include increased transparency, public accountability and the proper documentation but the blockchain is one way to make this all happen and come together.
The project has selected Columbia as a test site for its blockchain-based framework as the report to the states:
“The project developed a blockchain-based software proof- of-concept, or PoC, for public procurement that intends to be tested in a live procurement auction in Colombia in 2020.”
It continues saying:
“The project chose to focus on the public procurement process because it constitutes one of the largest sites of corruption globally, stands to benefit from these technology properties and plays a significant role in serving public interest.”