ethereum corruption tool

Borders and the rule of law do not restrict global trade relationships; in that sense, they are less susceptible to corruption or oversight. But on the other hand, a website is a wholly automated cryptocurrency platform offering the best features like liquidity, trading tools, and customer support. And this is why a cryptocurrency could be the next big tool for tracking spending, investigating corruption, and enforcing transparency in such complex relationships. If you are interested in trading, you may also know between Ethereum and Bitcoin, their differences.

But does it work? Below mentioned portion explains what the potential Ethereum as an anti-corruption tool is, how it’s been received so far in practice, and questions raised about its adoption as an anti-corruption tool. Ethereum has excellent potential as an anti-corruption tool. 

People can use it in the private and public sectors, where funds are dispersed to different parties across different countries. It is a decentralized platform that runs smart contracts, like small applications that can automate processes in a trustless environment. Let’s discuss how the government can use Ethereum as an anti-corruption tool.

  1. Digital Identity management:

Digital identity management, or digital identity, is a process whereby an individual or group is granted the digital equivalent of a name and can be authenticated by other Cyber Security Tokens (CSATs) and blockchain networks by verifying their identity. In this way, it emulates the true identity and processes of an in-person-to-person relationship.

The power of decentralized Blockchain ledgers like Ethereum is they are a great tool to track identities as people can attach their identifying characteristics, such as surname, first name, age, etc., with just a few clicks. It makes it impossible for identities to be faked since all records are supposed to be held on a public blockchain ledger that any cryptocurrency user can check whether data has been tampered with. Ethereum-based solutions like e-voting could be a great tool by letting people vote on a blockchain.  

These records are generated every time you interact with them, including when you pay bills, update your bank account information, etc. This way, it helps ensure that the identity is authentic and nobody can vote for themself.

  1. Trust Ecosystem:

Trust is created within an ecosystem and lost in a system of uncertainty. It is easy to lose trust in the banks and government at large because we now have no option other than trusting them or losing money. A trust system can be embedded in a decentralized cryptocurrency and its associated services. The blockchain is the most secure platform for trust purposes. The idea is to make these decentralized applications work in a system of trust and continued verification that there are no loopholes.

Ethereum allows people to build a mysterious digital world because everyone can see everything, and nothing is hidden. However, to safeguard trust, two mechanisms are essential:

(a) The open source approach where everything is available on the public Internet and no information is withheld.

(b) The democratic process; therefore, people can vote with their money and time for trusted algorithms that have proven track records of keeping data safe. If these technologies have a proven track record of keeping data safe, companies should trust these.

  1. Ethereum can help the government in the voting process:

Ethereum has a universal platform where all transactions can be recorded and stored on the public ledger. In theory, any law-abiding citizen can use this technology to verify the integrity of voting results and ensure there are no loopholes. In practice, Ethereum-based systems have been used to power elections in Switzerland, Estonia, Zug, and Nord-Estonia. In addition, the three countries have developed their Ethereum based mobile voting devices that allow people to vote from their phones or computers via the Internet (smartphones or tablets). 

  1. Ethereum can help the government to prevent money laundering:

Ethereum has a unique feature called Global Thermostat. The Global Thermostat is an algorithm that controls the rate of issuance of new voting tokens in the system. It is done by a formula that will automatically drop the new token generation rate if it sees an unusual amount of activity within the system.

 It can help governments detect the automatic generation of fake identities to commit fraud or money laundering; for example, the Global Thermostat can be programmed by people to check any suspicious activity and raise the alarm if it sees fake identities being created automatically.  

  1. Ethereum can help the government to prevent funding of terrorism:

Ethereum has a feature that can help governments identify and stop funding terrorists or criminals in a way that would be easy for non-regulated states to implement. For example, suppose your bank account is open on the public Ethereum blockchain. In that case, anyone can see the balance and transfer money from one account to another with an Ethereum address. All transfers are recorded in a public ledger that is fully transparent and searchable. It makes it much easier to prevent money laundering or tax evasion since it makes everything available on the public ledger.

By Jim O Brien/CEO

CEO and expert in transport and Mobile tech. A fan 20 years, mobile consultant, Nokia Mobile expert, Former Nokia/Microsoft VIP,Multiple forum tech supporter with worldwide top ranking,Working in the background on mobile technology, Weekly radio show, Featured on the RTE consumer show, Cavan TV and on TRT WORLD. Award winning Technology reviewer and blogger. Security and logisitcs Professional.

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