Foreign Policy Magazine

Break Corruption With Bitcoin’s Backbone

Corruption, according to the United Nations, is a $3.6 trillion industry—and business is booming. The U.N. estimates that money stolen or paid in bribes each year now tops 5 percent of global GDP. Fortunately, these abysmal statistics may be poised for a turnaround thanks to a transformational new technology: blockchain.

Originally invented to power digital currencies such as bitcoin, blockchain allows users to transfer assets or anything of value directly from one person to another

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