WAMBUGU: Using blockchain technology to stop grafting

There are two technical words that make many heads turn. They are Blockchain and Bitcoin. Many find it hard to tell the difference between them, and even less to invest. Bitcoin is an anonymous currency. Think of it as a stock on the market.

Like stock, Bitcoin can be bought, sold and traded on online stock exchanges. The more people trust him, the higher the price – just like a popular stock.

A Blockchain is a mathematical technology on whose wings Bitcoin currency and other currencies fly. This is a public registry that is distributed to all Bitcoin owners around the world. Its use, however, goes beyond Bitcoin.

In fact, it is such an important arsenal to stem the terrible wave of corruption. Here's how. The shared registry contains a history of all outstanding property transactions, including owner information. All transactions are open for examination: there is nothing to hide.

Part of the reason why corruption thrives is because cunning people master the art of beating the system by manipulating or altering records representing transactions. In other words, they know how to cover their tracks, which makes it difficult for law enforcement officials.

The strength of Blockchain technology is to certify documents and transactions – or "blocks" – in a way that can not be erased. , altered or altered. It ensures the security of files and counteracts fraudsters.

It offers an unprecedented level of integrity, security and reliability to the information that it manages. It eliminates the need for intermediaries, reduces bureaucracy and reduces the risk of arbitrary discretion. It makes the work of auditors easy and seals the flaws exploited by smart thieves.

The Kenyan government has set up a task force to advise the president on how to use technology in various sectors, particularly in the field of land and education. The land sector has been particularly tainted with corruption, so landlords never know if the title they hold is false or factual.

With precise numerical data on the cadastre, Blockchain can clearly show the transaction history for each item. land and, therefore, authenticate his property and get rid of middlemen or brokers who benefit from the current confusion.

The removal of brokers reduces the price of goods and services and increases transparency and confidence. There are many case studies of how Blockchain streamlines the purchase of goods and services to ensure an authentic and traceable "written record" from start to finish.

Bitcoin may succeed or not, but it's a call to economists but Blockchain technology is an imperative innovation of our time. This can help restore confidence in a country marked by cheats and crooks.

Blockchain is a technology owned by everyone and therefore shared by all. It is therefore a public good just like the roads, the lines of communication and electricity; the infrastructure through which flows the blood that nurtures development. It removes the veil of secrecy that surrounds many important transactions, especially those that are often compromised by crooks. This opens the door to transparency

But we should not badume that technologies like Blockchain alone will be a magic weapon that will eliminate corruption. It's one of the arrows in a quiver that the government and the private sector can exploit to bring down corruption.

Blockchain technology alone will not solve all of our corruption-related ills. Governments must address the underlying weaknesses of the institutions, particularly the leadership and governance mechanisms.

Without accurate data on the cadastre, attempting to use Blockchain technology will be like blowing air; an unsuccessful effort often called in garbage-in technical jargon, garbage-out.