Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Technological advances have helped every sector in the world in numerous ways. These sectors range from sports to healthcare and transportation. Technology has provided means to bring down levels of fraud and has dramatically increased accountability at all levels. This holds true for the public sector more than anywhere else. For instance, if the government starts an infrastructure project such as a road or a bridge, it can easily track where each cent is being used, identify all parties who are using the funds and can easily ensure only authorized people are accessing it only on expenses that were pre-agreed.
Tech has greatly reduced both the time and money spent on investigation of frauds. Financial tracking can help reduce bribes in the public sector which amounts to around $2 trillion, which is roughly 2 percent of the global GDP. The better the financial tracking systems are, the better will be the chances for increased economic development.
Cryptocurrency uses cryptography to ensure the security of transactions by identifying the users of the currency in each transaction unlike traditional modes of payments like currency notes and coins. Even though most cryptocurrencies are anonymous, and it is not possible to identify the user; we have a few examples, and it is technologically possible to add an ID number making the crypto non-anonymous.
Governments can use the blockchain technology to their advantage to not only facilitate payments but also keep them clean and secure. Crypto are a much more efficient mode of payment than other existing modes, and with the launch of the Bytus wallet, a blockchain-based ecosystem which allows for the conversion of crypto into fiat, it has become even more reliable and efficient. Government can have a digital currency designed for use in their projects and have specific IDs added to them so that they can keep track of each transaction. The value of this cryptocurrency can be determined by the market or can be pegged to a physical currency to reduce its price volatility.
A blockchain is effectively a growing list of transactions that are recorded in a chronological order. It cannot be deleted or modified retroactively which allows for transparency that can help against corruption of all kinds. If every user in the blockchain has an ID it would mean every transaction can be traced back to a single person. This lack of anonymity and tight traceability can help eradicate corruption and bribery.
It is safe to assume that crypto can not only facilitate payments but also it can prove to be a helpful means in reducing fraud and corruption on a global level. It can reduce the cost of enforcement and because of the readily available information regarding the transactions, the efficiency and effectiveness of the spending can be measured.
Author Bio
Altug Tatlisu is the Founder & CEO at Bytus, Inc. and member of British Blockchain & Frontier Technologies Association. Accomplished software developer with 25 years of experience in development of applications. Excels in every stage of the life cycle of software development, including design creation, coding, debugging, testing, and maintenance. Expert in devising innovative and tailored solutions to assist businesses achieve their goals in a variety of industries. Advanced skills and knowledge of leading programming tools with a strong background in mathematics, algorithms, and data-processing logic.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.