Danish authorities assess the potential of blockchain to fight corruption

The Danish authorities have assessed the potential of blockchain technologies to combat abuse of power in the political sphere. This information is contained in a new report by the national Ministry of Foreign Affairs.

New technologies, in particular, will be able to increase the transparency of financial transactions and public procurement, as well as ensure the confidentiality of the data of participants in the process, protecting them from falsification. The solutions also allow you to have equal access to information in the registry (for example, in this way, users can apply for material benefits, real estate transactions, and more, bypassing intermediaries). It is noted that by introducing blockchain technologies into the management sphere, it will be possible to significantly reduce the giving of bribes, provided that the correct data is entered into the distributed register.

“Blockchain technology is only as good as the data is entered correctly,” the authors of the report write, noting that the information entered cannot be deleted, so any mistake can have fatal consequences.