WEF leverages the blockchain to help combat corruption

The World Economic Forum (WEF) considers the blockchain a solution to the lingering corruption in government processes. As such, the organization aims to leverage the blockchain to help minimize corruption in the public sector. A report unveiled this news on June 17, noting that the organization selected Colombia as the test site for its blockchain-powered corruption-fighting framework.

According to the publication, this initiative is known as the Transparency Project. The WEF reportedly joined hands with the office of the inspector general of Colombia, and the Inter-American development bank to help fight corruption. This collaboration birthed a multistakeholder team that sought to investigate, design, and trial the use of the blockchain to eradicate corruption in government processes.

Per Ashley Lannquist, one of the authors that wrote the WEF report detailing this quest to battle corruption,

Leveraging the Ethereum network

Per the report, shady dealings cause harm to multiple public sectors in many countries. However, with increased transparency, public accountability, and proper documentation, the WEF believes corruption would decrease. The organization added that the blockchain is an effective means of achieving the above feats. The Transparency Project will reportedly focus on specific applications in public procurement. To accomplish this, it will leverage a permissionless version of the Ethereum blockchain.

The pilot program is set to go live this year in a live procurement auction in Colombia. The involved parties will test it on a public education food program in the country, which has been previously plagued with foul play. Per the publication, using the blockchain will introduce benefits such as auditing, decentralization, the use of smart contracts, immutability, and filing capabilities. With these features combined, the WEF believes that the blockchain would be an effective tool for combating corruption.

Explaining why it chose the public procurement sector, the report detailed that,

“The project chose to focus on the public procurement process because it constitutes one of the largest sites of corruption globally, stands to benefit from these technology properties and plays a significant role in serving public interest.”

Do you think incorporating the blockchain in fighting corruption will help eliminate foul play in government processes? Share your thoughts in the comment section below.