How Blockchain Technology Can Significantly Lower Corruption and Fraud in a Variety of Industries
Technology entrepreneur Brian Behlendorf, one of the primary creators of the Apache Web server and co-founder of Organic, is currently the executive director of HyperLedger, an open source blockchain project that's thinking beyond cryptocurrency. In a video for Big Think, Behlendorf explains how the decentralized nature of blockchain technology will lead to "significantly lower corruption and eliminate fraud" in a variety of industries in which the stakes are high and the risk of corruption and/or fraud are even higher.
Blockchain technology allows us to build these same kind of systems but in a world where we don't want to or we can't trust central actors. "The beauty of this idea is in its decentralization-if no one person or institution holds power, then that power cannot be abused. The potential for this technology is enormous: it could significantly lower corruption and eliminate fraud in many industries like banking, freight, construction, and even trace the provenance of goods like diamonds.