The Roman historian Tacitus once famously quipped “the more corrupt the state, the more numerous the laws”.
Every year, roughly 2 percent of global GDP is lost to public sector corruption alone – at a hefty $2 trillion this equals to Italy’s GDP.
The total cost of corruption stands even higher, at 4-5 percent of global GDP. Countries across all continents lose substantial parts of their budgets to corruption. Some African nations see up to a third of their budgets go down the corruption drain.
After thousands of years of fighting against corruption, blockchain might just be the answer everyone was searching for.
In Africa, where contract procedures are either non-existent or highly opaque (and can lead to the most unpredictable outcomes), Blockchain can streamline business deals by rendering the manifold middlemen obsolete.
In Latin America, where changes to public registries are impossible to track, hence by virtue of a hefty bribe land parcels might discreetly change hands in a matter of minutes, blockchain could sanitize whole clusters of corrupt public authorities.
But it’s not solely confined to developing countries – numerous Western conglomerates routinely hand out bribes to lock in deals, just as politicians regularly represent the interests not only of their constituents.
Related: How Energy Investors Are Getting In On The Bitcoin Boom
Blockchain seems to be on the verge of radically transforming the way we vote and our trust in the ballot: We would no longer need to stand in queues and be physically present at the ballot box—we could simply vote from home, or anywhere at all. More importantly, by creating immutable ledgers, blockchain would make it impossible to tamper with our votes – proxy voting, ballot destruction and ballot stuffing would become mere anachronisms. This would also alter people’s perception of political power. Now, around a third of voters in both developed and developing countries do not trust the outcome of elections. If voters were given a fully transparent voting process, trust in public authorities would rise.
Some countries are already taking their first steps in this direction. The city of Moscow intends to use blockchain in a city management platform where inhabitants could track voting on city projects in real time. From there, it takes only one step to implement it in nationwide voting mechanisms. And from there, just one step to implementing transparency across myriad political processes that are in everyone’s best interest.
Increased transparency in political processes reduces the risk of tax evasion, thanks to which the risk that short-received government revenues will be rerouted from investments in infrastructure or education towards to band-aiding state finances ought to be nullified.
“We understand that the assimilation of blockchain-based voting technology and disintermediated governance tools will take place at variable speed,” Rik Willard, CEO of Global Blockchain Technologies Corp. (TSX.V:BLOC), told Oilprice.com.
BLOC is hoping to radically confine the space for corruption by eliminating unnecessary intermediaries and rendering political processes as transparent as ever, and as Willard says: “We are ready for that and intend to spearhead this much-needed transformation.”
Blockchain-based voting mechanisms would ultimately lead to the demise of dictatorships which maintain the superficial appearance of a democracy – decentralized technology is the exact opposite of what repressive regimes can survive under.
Of course, military dictatorships would steer clear of blockchain: It is very difficult to imagine North Korea, for instance, having a go at it. Yet the manifold quasi-democratic countries which exteriorly hold regular elections, claim to follow market mechanisms and hold democratic ideals dear will be forced to become more transparent under the weight of blockchain technologies.
Documents will be no longer owned by one single party and stored on a single server; document forgery would not be validated due to consensus protocol. Russia is a pertinent case in point as applying blockchain in a society where corruption has pervaded all spheres of life will bring palpable results in the very near future, to the surprise of many.
Evidence shows that the implementation of blockchain mechanisms can not only cleanse a given country’s political system, but could also spur economic growth.
Should public land registries across Africa be made fully transparent, land might be used as collateral for loans, thereby allowing millions of entrepreneurial Africans to leverage their property. This is supported by academic evidence; namely, that any reduction in corruption levels bolsters domestic and foreign investment as the fears of economic actors that the allocation of resources is disproportionally skewed gradually subside.
International organizations might also put blockchain to good account.
The international football association, FIFA, has been bogged down in myriad scandals with regard to its decision-making mechanisms. With blockchain, voting procedures would be as transparent as crystal, massively narrowing down the potentiality of another bribery scandal.
Related: Iranian Crisis Could Send Oil To $100
Even greater gains could be attained in international aid, the sphere where misappropriation reached its full zenith. Blockchain would allow to track down all financial transactions which followed the assignment of humanitarian or development aid – this is sorely needed as the history of World Bank development loans is replete with stories when the allocated funds were misused by a third-world country tribe chief to build a football stadium even though the declared objective was to build a school or hospital.
Some might perceive blockchain as a direct threat to the way governments exist nowadays, yet one could hardly find a better tool to dramatically increase the efficiency of public authorities with little to no transition roadblocks.
Big banks and major corporations are already taking advantage of this technology.
At the center of the blockchain boom in banking is the R3 Consortium. Since its inception in 2014, the consortium has been joined by a number of the world’s top banks, including Goldman Sachs, JP Morgan, and Citi. In addition to its impressive list of members, the consortium is also partnered with the likes of Microsoft, Intel, HP and InfoSys.
Immutability of data and process transparency will become key concepts of the 21st century and blockchain will prove that our past understanding of transparency was just a pale version of what can be achieved. As demonstrated by Global Blockchain Technologies, moving towards blockchain is not a question of ‘if’--rather of ‘when’ – and that ‘when’ will happen very soon.
Here is a list of companies to watch closely in the space:
Pure Storage Inc (NYSE:PSTG) knows that data platforms are also a key asset in protecting companies against cyber-attacks. Pure Storage, Inc is a data platform focused on delivering fast, optimized and cloud-capable solutions for its customers while keeping data security as a top priority.
As the cybersecurity world becomes increasingly competitive, Pure Storage stands out because of its innovative and forward-thinking business model.
Microsoft (NASDAQ:MSFT) is one of the most innovative and well-known companies within the tech sector, but its Windows platform is the most widely used operating system on the planet. First launched in 1985, Windows has shaped what is expected from a personal home computer.
But Microsoft is appealing to investors for more just its Windows platform. Like Intel, Microsoft is diving head first into an entirely new market. With key partnerships utilizing and implementing blockchain technology, the company’s upside could have huge potential as the tech takes off.
Nvidia Corporation (NYSE:NVDA): Nvidia is one of the hottest stocks on the market right now, and the top performer across the entire S&P 500. This stock has gone in only one direction—up. NVDA designs graphics processing units for the gaming and professional markets, as well as system on a chip unit for the mobile computing and automotive market. Nvidia’s chips are the best out there—at least the fastest.
Nvidia’s GPUs are second to none, and the company is definitely looking to take advantage on the bitcoin race.
Cisco Sytems (NASDAQ: CSCO) is a major player in telecommunications hardware. With a market cap of more than $185 billion, the company earned $49 billion in 2015 and $48 billion in 2016. For years Cisco was a stable stock, though one that showed very little growth. But in 2018 the company plans on pivoting away from its old staples towards new products.
Cisco is about to make the transition from hardware to software. For years, Cisco sold the hardware needed to build and maintain telecommunications networks: internet routers, switchers and cables connecting thousands of offices and households.
Much of the U.S. national network is in dire need of an upgrade, but Cisco is diversifying to meet a range of new challenges as networking moves to the cloud.
Advanced Micro Devices Inc (NASDAQ:AMD) is Nvidia’s biggest competitor. The company has developed a cult following among gamers, leading to many a Reddit debate. AMD’s groundbreaking technology not only rivals that of Nvidia, some even argue that it outperforms it. As the two square off, one of the key areas to keep an eye on is in the GPU race. Widely purchased across the world as Bitcoin frenzy heats up, AMD is making a particularly hard push toward conquering that emerging demand.
While Nvidia has a significantly higher market cap (and stock price), AMD provides investors a much cheaper entrance into the gaming market. Those looking to get into tech industry stocks, mine Bitcoin, or play their favorite game on the highest quality are definitely not ignoring AMD.
By Viktor Katona for Oilprice.com
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" "intends" or variations of such words or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to the rate of cryptocurrency and blockchain technology adoption and the resultant effect on the growth of the global cryptocurrency and tokens market capitalization; Global Blockchain Technologies Corp.’s (“BLOC”) anticipated ability to reduce risk for investors and give investors exposure to a broad cross-section of the blockchain ecosystem; BLOC’s projected asset allocations, business strategy and investment criteria, including the anticipated contributions of BLOC’s incubator program; the expected strengths and contributions of BLOC’s management and advisors; and the rate of cryptocurrency adoption and the resultant effect on the growth of the global cryptocurrency market capitalization. Readers should be aware that BLOC has no assets except cash from a recently completed financing and its business plan is purely conceptual in nature: there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions about BLOC believed to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the adoption and growth of the global cryptocurrency and tokens market capitalization; BLOC’s ability to reduce risk for investors and give investors exposure to a broad cross- section of the blockchain ecosystem; BlOC’s ability to acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favorable terms or at all, successfully create or incubate its own tokens and ICO's, and execute on future investment and M&A opportunities in the cryptocurrency space; BLOC’s ability to capitalize on the skills and expertise of its management and advisors; and such other assumptions and factors as set out herein. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of BLOC to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; that BLOC will receive required regulatory approvals; the availability of necessary financing; permitting of businesses that BLOC intends to invest in; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; risks associated with competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO's; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financings necessary to fund continued development of BLOC's business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of BLOC; the risk of litigation; the risk that BLOC’s management and advisors may not contribute as much as expected to the company’s success; the risk and the risk that cyber crime may severely damage the value of any or all of BLOC’s investments. There may be many other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. We undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
BLOC has no assets except cash from a recently closed financing and this article is based on the business plan of BLOC which at this point is purely conceptual in nature. There is no assurance that the business plan will be implemented as set out herein, or at all.
DISCLAIMERS
PURPOSE OF DISCLOSURE. This communication is not a recommendation to buy or sell securities. This communication is for entertainment purposes only. Never invest purely based on our communication. Gains mentioned in our newsletter and on our website may be based on end-of- day or intraday data. If we own any shares we will list the information relevant to the stock and number of shares here. We have not investigated the background of BLOC. The third party, profiled company, or their affiliates may liquidate shares of the profiled company at or near the time you receive this communication, which has the potential to hurt share prices. These non- compensated alerts are purely for the purpose of expanding our database for the benefit of our future financially compensated investor awareness efforts. Frequently companies profiled in our alerts experience a large increase in volume and share price during the course of investor awareness marketing, which often end as soon as the investor awareness marketing ceases. The investor awareness marketing may be as brief as one day, after which a large decrease in volume and share price is likely to occur. Our emails may contain forward looking statements, which are not guaranteed to materialize due to a variety of factors.
We do not guarantee the timeliness, accuracy, or completeness of the information on our site or in our newsletters. The information in our communications and on our website is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. The information is collected from public sources, such as the profiled company’s website and press releases, but is not researched or verified in any way whatsoever to ensure the publicly available information is correct. Furthermore, it is certainly possible for errors or omissions to take place regarding the profiled company(s), in communications, writing and/or editing.
DISCLOSURE. Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively “the Company”) does not make any guarantee or warranty about what is advertised above. The Company is not affiliated with, any specific security. While the Company will not engage in front-running or trading against its own recommendations, The Company and its managers and employees reserve the right to hold possession in certain securities featured in its communications. Such positions will be disclosed AND will not purchase or sell the security for at least two (2) market days after publication.
The opinions expressed in this article are exclusively those of the author and have in no way been approved or endorsed by BLOC. This article and the information herein are provided without warranty or liability.
SHARE OWNERSHIP. The owner of Oilprice.com owns shares of this featured company and therefore has an additional incentive to see the featured company’s stock perform well. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of this issuer in the market, but will not trade on material information that has not been disclosed to the public. The owner of Oilpatch.com will be buying and selling shares of this issuer for its own profit. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.
NOT AN INVESTMENT ADVISOR. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
INDEMNIFICATION/RELEASE OF LIABILITY. By reading this communication, you agree to the terms of this disclaimer, including, but not limited to: releasing the Company, its affiliates, assigns and successors from any and all liability, damages, and injury from the information contained in this communication. You further warrant that you are solely responsible for any financial outcome that may come from your investment decisions.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investing is inherently risky. While a potential for rewards exists, by investing, you are putting yourself at risk. You must be aware of the risks and be willing to accept them in order to invest in any type of security. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell securities. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR- OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results.
TERMS OF USE. By reading this communication you agree that you have reviewed and fully agree to the Terms of Use found here http://oilprice.com/terms-and-conditions If you do not agree to the Terms of Use http://oilprice.com/terms-and-conditions, please contact Oilprice.com to discontinue receiving future communications.
The information contained herein may change without notice.
More Top Reads From Oilprice.com
