We have already moved to the stage in our lives where technology plays an important role in our everyday lives. The appearance of cryptocurrencies, establishment of the Blockchain system are clear examples of that. The digitalization that is occurring around the world, is already visible in every sector.
Blockchain has definitely been an innovation, which turned the whole world upside down. It is widely used in the financial industry and most recently the Danish government also voiced out the idea of fighting corruption with the help of this network. The following article will revolve around that topic.
According to a report by the Ministry of Foreign Affairs of Denmark, Blockchain and big data technology can be used to combat administrative and political corruption, which is undermining processes in almost every country in the world.
The Ministry presented the report at the International Anti-Corruption Conference (IACC). According to the agency, Blockchain will create a more transparent system of management and tracking of various financial transactions. In addition, distributed registry technology (DLT) will give ordinary citizens more rights to their own data, ensuring their privacy.
The agency noted another advantage of Blockchain – each person has the same access to the data stored in the registry. This allows people to claim their rights to financial assistance, real estate, finances, and others without resorting to the services of intermediaries.
Blockchain in other industries in Denmark
Blockchain is becoming prevalent in other industries as well, including the gambling industry. Gambling is generally allowed in Denmark, like casino games, betting and other things that can be done from a private company.
But it should be mentioned that lotteries are owned by the state. So if a person wants to participate, they directly pay money to the Danish government. Danish betting companies found use in Blockchain offering lotteries anonymously to their users, because not everybody wants to enter a lottery that has millions of people in it.
We should note that they learned it from their neighbors in Norway, where gambling is completely state-owned. This caused a massive increase in Norwegian casinos accepting Bitcoin and then spilled over to neighboring countries.
Blockchain and “need for banks”
In its report, the Ministry also noted that blockchain eliminates the need for banks and accountants, as their tasks can be solved faster and more efficiently with the latest technologies. The ministry added that if Blockchain is used on a massive scale, there will no longer be a need to keep books of records of births and deaths, as well as accounting for car registrations, as all this information can be confirmed in the blockchain.
According to a study conducted by experts of the Ministry of Foreign Affairs of Denmark, Blockchain will help organizations effectively and safely share data with people who do not have a bank account. In addition, DLT can be used in the public sector to protect various documents and prevent them from being falsified.
The Ministry noted that Blockchain can be confidently used as a tool to fight corruption, as this technology ensures transparency and continuity of data. According to the agency, transparent tracking of transactions will reduce the likelihood of receiving bribes, but this will be possible only if the distributed registry will include correct data.
The report says that Blockchain technology is as good as the data is properly entered. They cannot be removed from the registry, so any error can have fatal consequences.
Last year, the Danish Energy Agency began to cooperate with the IOTA network to improve the efficiency of the energy sector. However, in relation to cryptocurrencies, the Danish government does not demonstrate such loyalty. Late last year, the Danish tax agency Skattestyrelsen requested detailed information from cryptocurrency traders about all transactions with digital assets for the previous three years.
We only have to wait for the moment, when Blockchain gets the full-scale network, and generally speaking, we are not very far from that point.