Break Corruption with Bitcoin's Backbone

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Media Outlet: Foreign Policy

Tomicah Tillemann wrote about curbing corruption with blockchain in Foreign Policy Magazine.

Corruption, according to the United Nations, is a $3.6 trillion industry — and business is booming. The U.N. estimates that money stolen or paid in bribes each year now tops 5 percent of global GDP. Fortunately, these abysmal statistics may be poised for a turnaround thanks to a transformational new technology: blockchain.
Originally invented to power digital currencies such as bitcoin, blockchain allows users to transfer assets or anything of value directly from one person to another without going through a bank. Instead of relying on financial institutions, blockchain transactions are validated by mathematics and computational power with extremely high levels of security and transparency.

Author:

Tomicah Tillemann is a leader in the fields of civic innovation and social finance. He serves as Director of the Bretton Woods II program at New America. He and his team work with the world's largest asset owners to reduce risk and volatility through strategic investments in social impact and development. He is also Co-founder of the Blockchain Trust Accelerator, Chair of the Global Blockchain Business Council, and a member of the Advisory Board of the BitFury Group, a leading full-service Blockchain company.