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Blockchain Technology's Anti-corruption Function

2018-12-19 11:11 Wednesday

Autodesk, an American software company, makes software for the construction, media and entertainment companies. In recent years, the company has focused on developing software to fight corruption, which is then applied primarily in the construction industry. Autodesk claims that its upcoming products, which may utilize blockchain technology, can effectively curb the prevalence of private sector corruption.

blockchain technology

At a meeting in 2018, CEO Andrew Anagnost proposed that blockchain technology be used to establish a distributed, traceable, reliable and immutable account book for enterprises, thereby solving many corruption challenges faced by companies in numerous industries, such as construction and media.

Blockchain technology has the ability to improve the traceability of enterprise data and transparency of institutions. Autodesk has yet to introduce blockchain-driven products to the market, however, a spokesman for the company noted that the company has considered  developing blockchain products, though no official announcement had been made.

Autodesk previously worked on developing a non-blockchain digital system aimed at improving transparency in the construction industry. Anagnost believes that the first step in developing an anti-corruption system is to addressing an important problem - ensuring traceability. Blockchain addresses this problem directly.

Blockchain contains five main characteristics: decentralization, openness, autonomy, non-tampering with information and anonymity, which equips it with unique advantages in fighting corruption. Government authorities and companies across the globe are in the process of developing blockchain technology to combat commercial bribery, corruption, fraud and tax evasion.

Spain recently revised its anti-corruption laws to allow for the use of artificial intelligence and blockchain to combat corruption. Spanish regulators maintain that blockchain is an effective tool for preventing corruption. Likewise, tax authorities and companies in Shenzhen, China, have used blockchains to record and store data, a practice that is expected to become more widespread in the coming months.

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