According to a new analysis published by Telefónica, the blockchain is a useful tool because it can prevent corruption by providing digital records that cannot be altered.
In this sense, The company affirmed that this technology is perfect to be implemented in administrative, financial, obsolete and not very robust systems in terms of computer security.
“Without a doubt, it can become an effective tool, capable of providing transparency, trust and verifiability, and quickly thanks to the digitization of the public and private spheres”They communicated from Telefónica.
On the other hand, they also stated that they believe that it makes it easier to enforce contracts (including electoral programs), thanks to smart contracts, already so widespread in the corporate and legal sphere. In his opinion, this is highly attractive, for example, in cases of public tenders, since it provides total transparency, allowing complete monitoring during public procurement processes or other types of projects.
“Consequently, the diversion of money, the manipulation of funds are avoided and the proper execution of economic resources within organizations, both public and private, is constantly monitored”they said.
“In addition, due to its particularities as a decentralized network and protected by cryptographic language, it maintains one of the highest levels of cybersecurity, preserving all the information that is stored. If the data is stored on a traditional computer network, cyberattacks are more likely to occur and the data can be accessed.”they added.
In context, from Telefónica reviewed the World Compliance Association, because it declared that Spain is a worldwide benchmark in the development of the chain of blocks, especially highlighting its relationship between the crypto and financial sectors, as well as the use that the university sector already makes for the validation of academic titles.
The future of electoral processes
Regarding the electoral process, They assured that the use of the blockchain can avoid corruption in these procedures and provide them with total transparency, thus strengthening their democracies.
Likewise, they pointed out that in fact there are already different governments that are proposing the use of blockchain platforms in sensitive areas such as electoral processes for the future.
“For this, systems are proposed in which each citizen would be assigned an individual non-fungible token (NFT), with which they will exercise their right to vote, and allow the verification of each one. This method would maintain the privacy of the vote and the transparency of the processes, since they can be audited in a reliable way”they explained.
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