Can Blockchain Technology Help Against Corruption?

At the Blockchain Summit on October 6, panelists included Monica Taher, vice president of marketing at Rocket Fuel; Indira Kempis, Senator from Nueva Leon, Mexico; Pierre Champsavoir, founding member and president of Blockchain for Good International Development; Moderated by Diego Mazo, CEO of Tropykus. They recognize the applicability of the advancement of blockchain technology to fight corruption, and have said that in this case, beyond having the technology, it requires the political will to implement it..

Diego Mazo shares his vision on how blockchain technology can contribute to the achievement of the Sustainable Development Goals (SDGs). He highlighted that Blockchain can act as a collaborative infrastructure to address the global SDGs, allowing transparency and monitoring of behaviors that promote sustainability. Additionally, he emphasized the importance of complementing blockchain with other technologies to achieve a beneficial impact on society.

He pointed out in his speech:We already know the benefits of blockchain technology and we are not going to go back to transparency. One thing we learned with the pilot projects we did with the country’s attorney general’s office in Colombia on public procurement issues is that blockchain has some properties, but it needs to be combined with other technologies. , which is very important. Understand that other technologies such as IoT or facial recognition add to the transparency of blockchain. For example, you hold your identity to avoid certain use cases. t. Owner. Then we need to add a complementary technology that has the right incentive to do the right thing. So it’s not a blockchain, but it’s the ecosystem and the layers that can build on top of the blockchain so that the service is meaningful and has a positive impact.”.

Monica Taher highlighted that while blockchain can bring transparency and accountability, it is important to understand that it will not change the world by itself.. He called for the use of blockchain to support transactions with essential values ​​for the public good, such as education and environmental protection. He proposes to support our transactions with a positive impact on sustainable development and environmental prosperity.

He pointed out: “We need to implement a three-pronged drive from the government, with officials, people like Indira, who really want to make this change, because we know there are many politicians. are against and will continue to be against blockchain because transparency and accountability are not in their interest. We need to activate academia and the private sector so that we can continue to educate the masses, and we within the ecosystem need to speak up.

For its part, Indira Kempis provided a political and ethical perspective, noting that the implementation of blockchain technology must be supported by a comprehensive vision.. He highlighted the importance of engaging the entire community, including affected communities, to ensure blockchain initiatives address issues inclusively and effectively.

In support of this, he pointed out: “I’ve seen some cases of corruption, obviously I’ve been following politics, especially in Latin America, where my heart is, but all over the world, I’ve seen very close cases.”.

I assume that The willingness to implement blockchain at government levels represents a fundamental pillar, and it is a political decision. If this political result exists, rulers can use better technology to avoid corrupt practices. To examine his statements, he pointed out: „Singapore, its Ministry of Finance or in this case the Treasury 'blocked’ many of its processes. Why Finance and Treasury? It’s logical because at least that’s where most of the money moves, so I believe Singapore is a good example of how things can be done better.”.

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Pierre Champsavoir believes that there are specific cases in which blockchain technology can be used, rather than avoiding corruption, to have a social impact that can turn into prosperity for end users.

He further opined: „We note that these decentralized technologies, regardless of the chosen protocol, can contribute and, in fact, be the collective and common structural framework that enables the global direction of the Sustainable Development SDGs. Why am I saying this? For all the challenges we need to move our society and move away from talking about individual behaviors like greedy behaviors.”.

One of the points to be taken into account for blockchain, the panelist pointed out Ability to help achieve sustainable development goals.

In this sense he said:We talk about sustainability, we talk about ESG (Environment, Society, Governance), and this is what blockchain can be used for: for governance. The first thing is transparency, which monitors how public money is spent. And then, if we talk about community, we go to Mexico, and there’s a startup in Mexico called EthicHub, and this platform basically uses Blockchain protocol to build a collaborative lending platform. Each of you can contribute up to USD 20 and lend to farmers to cover their operating costs. When production is ready for the farmers, the coffee beans they produce are sent back to them with an interest rate. So EthicHub allows 50% profit sharing between seller and producer. I mean, if some of you know how much of the profit you get from buying coffee, believe me, the farmer doesn’t get 50%. It is therefore the social component that allows the management and distribution of value in complex value chains and the distribution of benefits in complex value chainsAnd it’s very efficient, because the distribution rules are encoded in the token, it’s not like today, it’s 20% today and 50% tomorrow, no, it’s 50%, it’s in the code, maybe we can put governance mechanisms to fix that, but again, it’s in the code.”.

„The last point will be on the environmental side, because we are going to South Africa. If I take this example from South Africa, there is this project called „sonic transition”. It is a joint investment in the transition to sustainable energy. What is happening is that schools and hospitals in Africa cannot transition to sustainable energy, But moving to sustainable energy allows them to reduce their costs and their operating results.” Basically, by using the token, you fund this investment, and in 2022 they implemented 50 projects and over 200 supporters behind the project paid for the project, and solar panels for schools. provided,” he added.

In total, The panelists advocated for collaboration between governments, private companies, academia and civil society to promote blockchain-based projects that would have a positive social impact and help fight corruption.. They highlighted that blockchain is a valuable tool, but its true value lies in how we use it to create a more transparent, fair and sustainable future.

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