Distributed Ledger Technology "Blockchain"

Share Your Thoughts! We’re opening the conversation on integrity and anti-corruption in new tech to our community. Each week we’ll explore one of the 2019 OECD Global Anti-Corruption & Integrity Forum themes and want to hear what you think of the challenges and opportunities of integrity in *Artificial Intelligence, Blockchain, Big data analytics, and Civic technologies. Comment below!

What is blockchain?

A distributed and tamper-proof database technology that can be used to store data, including financial transactions, and aides in building individual to individual trust.

What are the opportunities?

·Blockchain’s transparency and immutability enables a new mechanism of trust in the economic system.

·Blockchain can help mitigate high-risk transactions, such as property registration and land titling, public contracting, cash transfers and distribution of aid funds. For example, the United Nations World Food Program uses Blockchain to transfer vouchers based on cryptocurrencies to refugees.

·Blockchain can diminish the role of intermediaries, who can slow down economic activity and who may not be trustworthy keepers of personal information.

·Blockchain can enhance transparency and traceability in globally scattered supply chains. A more transparent supply chain can help companies and consumers identify risks of human rights abuse and financial crime, and help prioritise efforts to prevent or mitigate such risks.

·Blockchain is being tested to create tamper-proof company registries to help determine the true beneficial owners of the companies and prevent money laundering.

 ·Blockchain can serve an efficient platform on which new applications such as smart contracts, tokens, decentralised applications and Decentralised Autonomous Organisations can be developed.

What are the challenges?

·Blockchain can be a platform for illicit trade, money laundering, tax evasion, and other criminal activities due to the ability to participate in a transaction without having to disclose one’s identity, the rapidity of these transactions, and the absence of gatekeepers.

·Cryptography related to Blockchain may hinder investigations and asset recovery.

·Developing a comprehensive regulatory response to Blockchain can present challenges given the lack of a generally accepted terminology and standards about the technology. 

·Maintaining the privacy and security of sensitive information stored on Blockchain may present potential risks.

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View the 2019 OECD Global Anti-Corruption & Integrity Forum agenda: https://oe.cd/2tn

See the other forum topics : https://oe.cd/2vd