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Blockchain a blind spot in graft eradication
There is a strong reason for the widespread adoption of blockchain for the purpose of reducing potential losses incurred by graft.
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A blockchain is essentially a distributed database of records or a public ledger of all transactions or digital events that have been executed and shared among participating parties. (Shutterstock/File)
W
hile expressing his opposition to cryptocurrencies like bitcoin for fear of creating a black economy, Communications and Information Minister Rudiantara recently conveyed his support for Blockchain, the technology behind Bitcoin.
In fact, blockchain has commonly been used in the infrastructure of numerous industries. Not only does blockchain help industries advance efficiency, it gives no space for a reversible option in transactions. The mechanism only allows us to add or review our transaction history, and hence it promotes transparency.
Blockchain has arrived at a perfect time when fintech is growing across the globe, including in ASEAN. In other words, the fintech era has given a boost to blockchain development.
Given the fact that corruption remains rampant in the country, as Transparency International (TI) has reported annually, there is a strong reason for the widespread adoption of blockchain for the purpose of reducing potential losses incurred by graft.
