Checkmating Fraudulent Activities With The Blockchain Technology.
It is no news again that the blockchain technology is a special type of technology that duplicates and distributes transactions across network of computers, in form of a distributed ledger. What makes this technology more fascinating is the transparency it gives, making sure that the whole system is well checkmate and true.
This technology which has being used in so many areas of new tech developments like crypto currencies, gaming, IoT, data storage, etc, has being able to give that satisfaction of a safer and authentic internet era.
Unlike the previous era of the internet, where centralization has failed to minimize common issues faced by internet users such as cyber bulling and others.
But from the context of this post, we would focused more on how fraudulent activities can be checkmate by the blockchain technology.
A Guide Intro
The rate of money theft in the world today, is very alarming, most especially in the government parastatal. Activities of top rulers(people in charge) and citizens are not well checkmate by the so call centralized system in place.
With missing funds generally reported in the parastatals globally, makes you ask the question
What is the need for centralization ?
Incase you haven't heard, there are cases of reported ghost workers, Which are set of employees enrolled in a pay roll, but are not working with that particular organization. In this case, those funds that have be set aside for them, goes to the pocket of someone trying to play smart.
This issue of fraudulent activities, without a proper guide(decentralization) to do the checkmate, has dragged so many countries and business firms to the mud.
Blockchain Serving As A Perfect Solution
After defining the problems and stating out how this fraudulent activities has affected us, it is proper to state the best and long lasting solution to it.
I present to you the blockchain technology, just as i have given a brief explaination on what the blockchain is and how it operates, introducing it into this context would be a perfect solution to the problem.
Key Point
A scenario where datas of worker of a company are being stored using a blockchain technology, easy identification and transparent payment can be easily made, without forms of impersonation.
As we all know, so many persons are pretty scared of a decentralize world, due to the fact that they want to remain dominance. But glueing to the fact that this technology can offer more transparency, than what the centralize institutions can offer, it is best we stick with it.
My Opinion
Introducing the blockchain technology to all government parastatal and companies would bring more transparency into the economy, as fraudulent activities would be easily traced.
In Conclusion
We should note that blockchain technology can't be bribe, manipulate or hacked, as datas(information) are generally distributed to every user of this technology. This is the best way to define transparency in the world of business at large.
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