Blockchain technology could help countries like Kenya lose billions of dollars to corruption, according to a spokesman for the United Nations Drug Enforcement Administration.

David Robinson, regional corruption advisor to the UN Office on Drugs and Crime, believes new technologies like blockchain will help Kenya fight government corruption and other economic crimes.

According to a November 3 Nation Media Group post, Robinson stated that blockchain-based solutions can provide complete traceability of transactions and protect public records from fraud and deception. Officials say:

“Blockchain technology is becoming attractive to the global community and international organizations because it is a tool that can be used to prevent potential corruption and protect public records from fraud and falsification.”
Robinson said that technologies such as blockchain are an important tool for building trust, as corruption undermines public trust. “Internet trust has become an important resource for transactions between strangers and for building trust in government,” he said.

Kenya loses up to a third of its budget to corruption every year due to a lack of equipment and modern technology to combat transplants. Failure to track incidents of corruption is believed to result in the country losing up to $ 6 billion annually.

A number of countries around the world are looking at both blockchain technology and cryptocurrencies as potential anti-corruption tools. In September 2020, the Danish Ministry of Foreign Affairs published a report that analyzes the use of blockchain in the fight against corruption. In July, the head of Kazakhstan’s anti-corruption service asked the state to develop a national digital currency to fight corruption in the country.

Source: CoinTelegraph