The former Prime Minister pointed out on Monday that the modern technology that underpins the bitcoin, the famous blockchain, could improve administra
The former Prime Minister pointed out on Monday that the modern technology that underpins the bitcoin, the famous blockchain, could improve administration and cut corruption around the world.
Until July last year, David Cameron was the British PM from 2010. He was speaking at the launch of the Fintech Startup Block chain’s London offices in New East. Cameron said the potential that technology has to end corruption excites him. He added that innovations have a powerful way to address administration failures across the globe.
The blockchain technology is a previously decentralized database, which allows users to review a shared record. It also ensures it is vetted through an agreement by the majority of the parties who apply it. Blockchain is a system that ensures users agree on an outcome and eliminates the post of a broker. Financial institutions, especially banks, have put in millions to set up commercial utilization of the blockchain system.
The Santander has said the system could save financial institutions administrative costs that cost up to $20 billion annually in settlement budgets.
The ex-Prime Minister admitted he does not have a thorough understanding of the system concept, but said it provides banks with an excellent opportunity to improve insurance and finance profits. The applications that can be utilized in public policy management may be transformational, Cameron said.
The former premier, who has been touted to lead NATO, has proposed transparency in administration and have a situation whereby any monitoring corporation reviews budgets. Cameron says decentralizing systems will improve public policies. He will be remembered for hosting a global meeting to address
corruption before he left the PM post last year.
According to Cameron, the taxpayer should not have to worry about corrupt leaders who change figures to have extra funds, which are then transferred to their accounts or those belonging to their accomplices. All payments recorded on the blockchain would be easily monitored, said Cameron, whose priorities while he was Prime Minister included ending corruption across the globe. And people couldn’t have their property rights taken away by a despot who changes the record because a central government register wouldn’t control ownership.
While he was in office, Cameron ensured the British government tested compensation payments through the blockchain technology. He said apart from the financial institutions, block chain systems could also improve medical and intellectual record keeping, as practiced in Estonia. He said corruption is directly linked to many global problems, citing the situation in Afghanistan and Nigeria, which he said are among the most corrupt on the globe.