Blockchain Can Curb Corruption In Construction Industry According To Autodesk CEO Andrew Anagnost

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Andrew Anagnost, the CEO of American software corporation, Autodesk, recently said that blockchain technology can serve as a perfect tool in the fight against corruption within the finance, media and construction industry. This is according to the report in the companies financial review that was published yesterday. During the Autodesk University Conference in Las Vegas, Anagnost said that blockchain technology can be an effective tool in eliminating corruption in the construction industry. In his words:

“What can blockchain technology be used for? It is a trusted, distributed ledger that can’t be altered. It gives a system accountability and traceability that no other technology can afford to provide at this time. This kind of technology can be applied in the construction industry where many people who don’t trust each other have to work together to make things happen. I am sure it can be applied in such a field”.

Anagnost believes that blockchain is going to be effective in improving transparency and traceability in the construction industry. However, he said that the company has not yet introduced any blockchain-powered product. Autodesk is considering the implementation of the technology but just hasn’t gotten an angle that it is ready to share with the public yet.

According to the reports, the company has been working with a non-blockchain escrow system that can be used to improve trust within the construction industry. Regarding the issue of corruption, Anagnost said:

“It is hard to track down who is responsible for corruption within the system. So, one of the most significant problems we would want to work on is creating more traceability and accountability. Corruption is common in the construction industry. People pay hundreds of millions of dollars on projects and somewhere along the chain corruption occurs that may be difficult to track traditionally. There is always a person or a group of people who bleed off resources during these large projects”.

Blockchain Technology And The World

All over the globe, several governments and businesses have been exploring the blockchain technology. While it can be used to make certain processes faster, the main attraction to the blockchain is its immutability. Immutability, traceability and trust of the blockchain technology are the three keys that make it an excellent tool in the fight against corruption. Currently, the Spanish government has many blockchain and artificial intelligence initiatives that is uses in the fight against corruption. It has been amending its anti-corruption laws as well. Regulators in Spain believe that blockchain technology can be used to prevent corruption entirely.

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The Chinese government has also started exploring this emerging technology. In Shenzhen, tax authorities and an aerospace firm owned by the state have started exploring blockchain technology for transparent and immutable record keeping in a bid to fight against paperback corruption. Already, the state is using e-invoices that are backed by blockchain technology. These invoices are authentic as they are traceable, cost efficient and credible. What’s more, the tax authorities in the state have complete oversight.

These are just a few countries and ways that blockchain technology is being applied in the fight against corruption in different parts of the world. Eventually, mass adoption will be achieved and blockchain will be used as much as the internet in every part of the world.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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