Integrating blockchain tech can help Kenya save billions of dollars lost each year to corruption, the United Nation’s drug and crimes agency has stated. According to the UN agency, the technology could also foster government trust and allow the automation of public contracts. The United Nations Office on Drugs and Crime (UNODC) East African region advisor David Robinson urged the Kenyan government to use blockchain technology to trace economic crimes.
The manipulation of procurement procedures has been a loophole.
The main loophole has been the manipulation of procurement procedures and systems by government officials in Kenya. These corrupt officials inflate costs at will for their own gain. The East African country’s Auditor General recently estimated that it loses Kshs. one trillion worth US$10 billion annually to corruption. This is a challenge that blockchain technology can solve and finally restore the lost trust in the government, Robinson believes. The Vienna-based agency believes that blockchain provides “an unprecedented level of integrity, security, and reliability.” Blockchain eliminates the need for intermediaries that reduces the avenues for corrupt officials to make selfish gains.
Lawmakers acknowledge the potential of blockchain tech.
As reported earlier, King’s College London, the university’s Centre for Science and Security Studies (CSSS), suggested that using blockchain technology would help parties to the Nuclear Non-Proliferation Treaty build trust and make dismantling nuclear weapons more “safe, secure and reliable. In the last few years, lawmakers around the world have acknowledged the potential of blockchain technology. Several countries are actively utilizing the technology in various fields including, healthcare and logistics. As reported earlier, the South Korean city Seongnam announced to expand its payments program by issuing digital gift certificates on the blockchain in partnership with Korea Minting and Security Printing Corporation.
