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Will Blockchain Bring an End to Corruption?: Areas of Applications and Potential Challenges
Abstract
Blockchain technology is an electronic ledger of digital records that is distributed over a network of computers rather than located on single or multiple servers. As the technology is by itself transparent and secure even without a trusted third party involvement, many applications are being developed as a means of eliminating corruption around the world. This article examines how the blockchain technology could be used to curb corruption and take integrity to higher standards at a firm level, within-country level and cross-country level. Possible risks and challenges related to the technology were identified and found that without considering the data governance and security issues, the blockchain technology may not always lead to a socio-economic benefit.
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