Danish Foreign Ministry examines the use of blockchain technology to combat corruption

Representatives from the Danish Ministry of Foreign Affairs (MFA) released a report focusing onfocuses on the use of new technologies as tools to prevent corruption.

The report, entitled "Code of Integrity: Digital Opportunities in Fighting Corruption," was presented at the IACC Anti-Corruption Conference, which was held in the Danish capital, Copenhagen.

According to the information provided in the MFA report,blockchain is able to serve as “one of the anti-corruption tools” due to its ability to transparently and securely store records. With this technology it is possible:

- transfer funds even to those who do not have an official ID or bank account;

- ensure the security of publicly available documents, certificates and records, thereby limiting the possibility of corruption;

- put property records in a common digital database so that people can claim their rights without dependence on central authorities.

The Danish Foreign Ministry also notes that with the help of blockchain, confidence in information and communication technologies can be restored.