In a blog post published by the World Economic Forum (WEF) on July 5, 2021, he said that blockchain technology can help reduce corruption in government systems.
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In the WEF article, it was emphasized that the industry is vulnerable to bribery, and that blockchain can solve this problem in terms of procurement. The report stated that corruption in the sector was caused by financial gains.
WEF is talking about a blockchain technology that can manage the process to prevent unfair tenders and increase transparency.
Use of Blockchain in the Registry System
WEF states that blockchain technology can also be used in land registry records. According to the institution, land titles are one of the important parts for corruption.
The institution is creating regions that could benefit from blockchain technology due to historical problems with legal stability.
In Africa, an urban title project is underway to address the issues of digitization of land registers and to test blockchain technology. The project aims to remove the burden of courts in solving land problems.
The WEF feels that more education on the subject is needed to implement and apply blockchain technology at scale.