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The World Economic Forum is an international NGO founded in 1971. The forum’s mission is to find ideas for the betterment of political, economic, and enterprise practices. A new blog post from WEF has taken note of blockchain technology and its efficiency for increased transparency and counter corruption functionality.
The post suggests that a dominant number of corruption cases are reported in procurement and import trading sectors. Due to the sordid financial gains, the involved parties may rule in favour of unsuitable contenders. Such actions require the forging of documents and false representation to level up the merit of a supplier that might be offering the most lucrative bribes. According to WEF analysts, blockchain technology can remedy this issue.
Targeting the developing nations where the ratio of corruption is higher, the WEF claims that it will be great to integrate and introduce blockchain projects to remedy these anomalies. The report also takes a detailed note of the most suitable blockchain projects that will be ideal for such transitions. These blockchain projects were listed according to the benefits they bring to the table.
These highly potent blockchains enable transparency at different stages of procurement. WEF classified these stages under planning, making bids, tender consideration, and awards. Since the transactions on the blockchain need to be verified on a digital ledger that grants public access, it will allow lesser chances for forging and tender awards to the least merit offering suppliers.
Use of Blockchain in Real Estate Industry
The WEF further explained that there is a great issue of property hogging on a state level. The post suggests that areas, where the legislative forces are weak and futile could ensure better results with the integration of property registries with blockchain technology. The vague property laws are usually the main reason behind the biggest corruption cases.
The report also presented the example of Georgia State, where 1.5 million land titles have been registered with the help of a blockchain registry. The same is also happening in Africa. A unique urban property registry is under progress that will provide relief to the court that is overloaded with land disputes and claims.