Blockchain could reportedly return billions of dollars to Kenya’s budget, Blockchain technology could help protect countries like Kenya from billions of dollars lost to corruption, according to an official with the United Nations Drug and Crime Agency.
David Robinson, the Regional Anti-Corruption Adviser at the United Nations Office on Drugs and Crime, believes that new technologies such as blockchain will help Kenya fight government corruption and other economic crimes.
Robinson claimed that blockchain-based solutions can provide complete traceability of transactions, and protect public records from fraud and forgery. Where the official said:
“Blockchain technology becomes attractive to the global community and international organizations because it is a tool that can be used to prevent potential corruption and protect public records from fraud and tampering.”
Robinson added that technologies such as blockchain are an important tool for increasing trust, as corruption is a breach of public trust. “Online trust has become a major asset for transactions between strangers and building trust in government,” he said.
Kenya is said to lose up to a third of its budget to corruption every year due to a lack of equipment and modern technology to combat graft. Failure to track corruption cases is said to cost the country up to $ 6 billion every year.
A number of countries around the world view both blockchain technology and cryptocurrencies as potential tools to combat corruption. In September 2020, the Danish Ministry of Foreign Affairs released a report analyzing the use of blockchain to fight corruption. In July, the head of Kazakhstan’s anti-corruption service called on the country to develop a national digital currency to fight corruption in the country.