Jan. 16, 2018
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.