World Economic Forum article highlights how blockchain could help fight corruption in government services
An article posted on the World Economic Forum (WEF) website by a business executive stated the benefits of blockchain, saying emerging technology could be the solution to mitigate corruption in government departments.
Blockchain application for public procurement and land registry
Matthew Van Niekerk, co-founder and CEO of Blockchain-as-a-Service (BaaS) SettleMint, mentionned two use cases where blockchain could prove useful for government applications. The use cases highlighted by Van Niekerk are public procurement and the cadastre.
According to the CEO of SettleMint, public procurement is prone to corruption due to the potential financial gains involved and the ease of covering up corrupt acts. In addition, other parties such as the media, regulators, citizens and end users were discouraged from participating in the procurement process because information could be delayed, changed and unreliable.
In addition, public officials and private companies are mainly involved in the procurement process, which leaves room for corrupt practices. However, Van Niekerk believed that blockchain could offer transparency at different stages of the procurement process.
In addition, the CEO of SettleMint said that adoption of emerging technology can “encourage a broader coalition of stakeholders to participate and monitor supply cycles. In addition, the use of distributed ledger technology could prevent information tampering, while providing real-time accessibility to an ongoing procurement process.
Van Niekerk also noted inefficiencies in the land registration process. According to the executive, the long time associated with closing a real estate sale and the bottlenecks involved in the registration systems. Meanwhile, the head of SettleMint noted that adopting blockchain could help reduce the steps required to sell land, and also remove transaction bottlenecks, eliminating the need to bribe highs. officials to speed up the process.
As reported through BTCManager earlier in 2021, Medici Land Governance (MLG) partnered with the Liberian government to leverage blockchain technology to improve the land use system in Liberia.
Blockchain continues to see increased adoption across different sectors and industries including health and Trade. In April, the European Investment Bank (EIB) was considering adoption of distributed ledger technology for bond sales. Meanwhile, supply chain management (SCM) has seen many applications blockchain-based solutions.
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