Blockchain: Panacea for Corrupt Practices in Developing Countries

Blockchain technology is one of the most exciting emerging technologies and has the capability to digitally revolutionize many systems for better security, autonomy, transparency, auditability, speed, reduced cost and efficiency. Blockchain can be regarded as a revolutionized distributed ledger technology which uses temper proof database in conjunction with consensus algorithms and cryptography. On the other hand, corruption has been a major problem in developing countries like Nigeria that bedevils their progress and development. In this paper, we investigate corrupt practices in developing countries with Nigeria as a case study. We study some blockchain use cases in some countries like Estonia and Georgia. We propose a blockchain framework to curb corrupt practices related to public funds embezzlement as the biggest corruption act. All transactions made by government agencies are stored in the blockchain shared by anti-corruption agencies, police, judiciaries and other related offices at the same time. We also propose the blockchain architecture and consensus suitable for the framework. Blockchain technology is immune to the influence of central authorities and intermediaries. It is secure against tempering and provides transparency and auditability. Hence using blockchain technology will help to tackle corrupt practices for betterment of developing countries such as Nigeria.