Blockchain technology could recover billions of dollars from Kenya’s budget.
Blockchain technology could help countries like Kenya save billions of dollars due to corruption, according to a United Nations drug and crime agency official.
David Robinson, regional anti-corruption adviser to the UN Office on Drugs and Crime, believes that new technologies such as blockchain will help Kenya fight government corruption and other economic crimes.
According to Nation Media Group on November 3, Robinson said that blockchain-based solutions can provide full traceability of transactions, protecting public records from fraud and forgery. The official said:
“Blockchain technology is becoming attractive to the global community and international organizations because it is a tool that can be used to potentially prevent corruption and protect public records from fraud and manipulation.”
Robinson said that technologies such as blockchain are an important tool for building trust, as corruption represents a violation of public confidence. “Online trust has become a key asset for transactions between strangers and for building trust in government,” he said.
Kenya is reportedly losing up to a third of its Crypto Cash to corruption every year due to a lack of modern equipment and technology to fight it. Lack of follow-up on corruption cases reportedly causes the country to lose up to $6 billion each year.
Several countries around the world have been considering both blockchain technology and crypto-currency as potential tools to combat corruption. In September 2020, the Danish Ministry of Foreign Affairs published a report analysing the use of blockchain in the fight against corruption. In July, the president of Kazakhstan’s anti-corruption service asked the state to develop a national digital currency to combat corruption in the country.