The office of the United Nations Office on Drugs and Crime (UNODC) in East Africa has challenged the Kenyan government to embrace blockchain technology to fight corruption in public and private sectors.
According to UNODC East African region anti-corruption advisor, David Robinson, blockchain solutions can help purge corruption and economic crimes by making htem easier to trace.
It is estimated that:
- Up to 10% of the total cost of doing business globally is due to corruption
- 25% of procurement contracts costs in developing countries is due to corruption
- 2% of global GDP goes to bribes
In Kenya, it is estimated that approximately $9 billion (1/3rd of Kenya’s yearly budget) is lost due to corruption. Failure to appropriate for the monies due to lack of data is seen as a major impediment in fighting graft in the country.
Start trading bitcoin today.
Open a Paxful Bitcoin Trading Account to get started!
The ability to allow full traceability of transactions helps fight corruption in the following ways:
- Reduce illicit financial flows
- Strengthen recovery of stolen assets
- Substantially reduce bribery and corruption
- Develop effective, accountable, and transparent institutions at all levels
- Offer unprecedented levels of integrity, security, and reliability
- Cuts red tape and need for intermediaries
- Reduces the risk of arbitrary discretion
- Protects data from interference
According to Mr. Robinson:
“When corruption represents a breach of trust, a technology that strengthens trust becomes an attractive solution in public projects.
In the era of the 4th industrial revolution, online trust became a key asset for transactions between strangers and building confidence in government.” ~ David Robinson, UNODC advisor
UNODC is looking to offer tail-end technical asistance along these lines as well as legislative drafting national policy and strategy guidance and capacity building activities.
FREE REPORT DOWNLOAD
Follow us on Twitter for latest posts and updates
Open a Paxful Bitcoin Trading Account today!