Can The Collective Sum of Blockchain Benefits Really Help Reduce Financial Corruption?

There are several advantages in implementing blockchain technology in different industries and economic sectors. Professionals and entrepreneurs know that this technology will be able to play a very important role in politics, health care, energy and why not to control corruption?

According to Torplus Yomnak, founder of Hands Social Enterprise, blockchain can be used to promote transparency of information for anti-corruption and also to increase the power of investigation.

During the Blockchain Technology for Transparency and Accountability seminar organized by the Thai Institute of Justice, he talked and discussed blockchain technology and its effects in the general economy.

On the mater, Torplus explained that blockchain technology can be functional in three major areas. It can be used to track down and make strong investigations, it could be used to stimulate good governance in the private sector, and it can be used to evade conflict of interest.

Investigations could enhance investigation procedures since it could be used so as to manage related information related to procurement and auction-biding. This could allow subordinate networks to have special access to this information. Governments would become more transparent in how they handle procurement processes.

The private sector can also improve its governance using blockchain technology. This would help to assist the public to check the history and background of a specific company. It can be used to understand how they are related to each other.

At the same time, it is possible to use distributed ledger technology (DLT) to reduce the conflict of interests of civil servants and other state officers. According to Mr. Torplus, DLT can prevent errors during paper filings and information clearing.

On the matter, he commented:

“Technology can fight against corruption but to achieve this the public needs to be alerted in following the investigation and supporting scrutiny that is free from influence.”

Open Dream’s co-founder, Patipat Susumpao, said that the organization was working on a prototype using blockchain technology for the fishery industry. The digital-led social company stalked the source of fishes from the moment in which they were caught until they were ready to eat.

Thailand is one of the most important exporters of canned tuna products around the world. However, the process and supply chain were sometimes affected by transparency and environmental issues.

Other companies such as JD.com in China are using distributed ledger technology to reduce food fraud in their shops. This would have a positive effect on the general public health by avoiding selling intoxicated or unregulated food.

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