As successive governments have failed to tackle the menace of corruption, a global tech entrepreneur, Chinedu Echeruo has recommended the use of blockchain technology to fight the menace.
Speaking at the 22nd MTN Business World Executive Breakfast Meeting, in Accra, Echeruo said, “the blockchain represents the most significant opportunity for African governments to really cut at the heart of corruption.
“Corruption stems from power dynamics difference and also information difference. And if you can equalize information, you can put the biggest stop to corruption,” he said.
Corruption is one of the main obstacles to sustainable economic, political and social development, for developing, emerging and developed economies alike.
Overall, corruption reduces efficiency, as it increases the cost of doing business and increases inequality.
Estimates from the World Economic Forum, WEF, have shown that the cost of corruption equals more than five percent of global GDP of US$2.6 trillion, with over US$1 trillion paid in bribes annually.
Echeruo broke ground in the tech industry when he founded HotStop.com– a travel app and Tripology.com, a lead-generation and travel referral business for the travel industry, for which he raised nearly US $8 million from private investors.
Echeruo currently runs three startups: MindMeet, BoxCircles and Love and Magic companies which seek to build the tools and environment necessary to empower individuals to create and manifest their ideas.
By Joshua W. Amlanu