The Blockchain Technology: A new development paradigm? Implications for finance, corruption and voter fraud.
Implications for finance, corruption and voter fraud.
Keywords:
BlockchainAbstract
Blockchain technology is not an easy concept to grasp. Essentially, Blockchain technology is difficult due to the “simple” fact that its complexity is what makes it unique. It is essentially the largest consensus algorithm on the planet and it is at work right now. However, this complexity does not understate the urgency of being able to understand how Blockchain can fundamentally alter the political, social and economic landscape. This paper surveyed the social and economic implications of Blockchain technology on finance, fraud and social corruption, while providing proof of concept real use cases being enforced today.
Technology poses problems since not all users are familiar or comfortable with its application. However, the blockchain technology can be implemented on the back-end for security and transparency purposes while maintaining simplicity and ease of use on the front-end for users. The cost-benefit analysis is made clear that Nations must seek a first mover advantage.
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