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Home / Bitcoin Guide / Solution To Corruption In Nigeria, Bitcoin ?

Solution To Corruption In Nigeria, Bitcoin ?

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Corruption has been an age old problem for any country developing or developed. On an international level governments can remain oblivious and on a commercial level industries can be destroyed. The fiat banking system is inherently vulnerable to fraud and corruption as banking institutions and current infrastructure are obscure to say the least. Bitcoin’s decentralized nature lends itself effective to combating fraud.

corruption

The blockchains use in tracking down terrorist has already been explored previously in the site and solving corruption is no different. On a national level Bitcoin can be used to transfer funds and tracked via the public ledger system. Corruption doesn’t happen primarily on a national level as for individuals and business corruption and fraud can also be a big problem. The flexibility of Bitcoin allows smaller business to pay for goods and services via Bitcoin, knowing that their transactions remain on the blockchain. So if any dispute does arise the transaction can simply be shown as the blockchain can’t be altered unless a hardfork occurs (a rare event where one chain is left behind for another).corruption_347102_7

To conclude the power of Bitcoin and respective technologies such as the blockchain to combat the corruption currently plaguing Nigeria is limitless. Using the Blockchain network all transactions are transparent as the public ledger allows all to see every transaction. This way Buhari can easily keep track of funds and their movements as Bitcoin’s do not just go “missing”. You too can feel the benefits of transparent transactions as small business can easily monitor payments and effectively manage payments to employees.

You can buy Bitcoin via the NairaEX exchange at premium rates for your Naira. Even with small amounts of Bitcoin you can ensure commercial operations remain transparent and the hassle of audits as you can rest assured knowing the blockchain cannot be manipulated.

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