Corruption-ridden South American nation Peru has turned to blockchain as its latest weapon in the decades-long fight against deeply ingrained corruption, according to a report by Decrypt News.

With global headlines trained on Peru after the apparent suicide of former Peruvian president Alan Garcia linked to the infamous Odebrecht affair, the five-year drama of scandal and corruption has received fresh impetus for resolution.

The government in Peru recently released details of a formal partnership with blockchain firm Stamping.io and the Inter-American Development Bank to develop a transparent system for contract procurement. The platform will be fully digitized on a blockchain ledger, with its immutable architecture being the basis for unrivaled veracity.

It hopes to use this trustless system to verify state contracts, ensuring they are tamper-free, cannot be manipulated and cannot be used to send unauthorized deliveries or receipts, thus lowering the risk of fraudulent activity. Legaler CEO and Australian Legal Technology Association president Steve Ghiassi declared:

“A key part to reducing corruption is to create more transparency and traceability. [It] could reduce some level of internal fraud and tampering, as internal audits could be conducted more accurately with a full, visible trail.”

So far, it has agreed to register purchase orders from Peru Compras, which is a state agency regulating electronic purchases on the LAC-Chain blockchain. This private blockchain itself is an Inter-American Development Bank project that promotes the idea of a blockchain ecosystem in Latin America and the Caribbean.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay
Comments are closed.

Check Also

Daily Trending News and Market Sentiment: Indian Central Bank Reprieve, Pro-Crypto POTUS Hopefuls

Sunday usually proves to be a source of inspiration for bullish traders of Bitcoin, but we…