Blockchain Technology Adoption Against Corruption in Emerging Economies
Adekunle Alexander Balogun, Gbenga Olorunmade · Advances in finance, accounting, and economics book series · 2023
Corruption overwhelms the functionality of all countries, with the developing countries lacking the resources to combat it effectively, leaving society in serious jeopardy. This chapter analyzes the potential of the adoption of blockchain technology to curb corruption in developing countries. The method adopted for the study is conceptual analyzes. Specifically, the blockchain technology framework for government procurement processes and monitoring of government contract execution in developing country was developed. It showed that the immutable nature of blocks in the chain and the consensus protocol of the nodes make the technology adoption a good fit for curbing corruption, make project execution timely, and make the government procurement process transparent. The conclusion of the chapter is that governments of the developing countries should take bold steps to lay out the framework for the adoption of blockchain technology as a panacea against endemic corruption in procurement.