Non-Anonymous Cryptocurrency to Fight Corruption

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Corruption is a crime. Corruption is usually done by man in charge of financial responsibility in private or government institution. Blockchain technology can help fight corruption. Cryptocurrency is identical to anonymity but the tech behind cryptocurrency enables to create non-anonymous coins. The coin should beg peg to physical asset and transparent so public accountant can control the flow of the fund.
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The anonymity should give clear transaction history to authorized public accountant to control and watch over the money. When a high officer in financial institution deploy the money to a project or people in the work place, the money will be seen in public. There is no leak in the money distribution.

Current financial system is closed and not transparent. Only bank officers and high level man in financial institution know the flow of money. It will create not transparent transaction. Though the transaction can be traced by police officers when there is indication of corruption, the corruptor can make police officer shut up by bribing some cash.

Blockchain enables public to control the money. By creating non-anonymous coins, one can not hide from illegal transaction. Non-anonymous can use name or id but the id should be verified by government institution. Every transaction of public financing or government funding should use the id. The recipients also should use registered id. Then there will be hidden transaction from the sender to the receivers.

it is possible to include personal information, like the ID number, and make the cryptocurrency non-anonymous.
https://blogs.worldbank.org/voices/can-cryptocurrencies-and-blockchain-help-fight-corruption

Will government use the blockchain tech to trace the flow of fund? I think, there has not been any government that use the technology. By using the technology government will take much benefit. The corruption can be minimized because the flow of fund is traceable for public.

Posted Using LeoFinance Beta



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