According to Telefónica, blockchain technology is a tool that has the potential to significantly contribute to the fight against corruption, thanks to the transparency, decentralization, immutability and security it offers.
Telefónica, one of the companies that has entered the world of blockchain the most, believes that this technology has enough potential to prevent corruption.
In a postTelefónica described how immutable digital records enabled by blockchain can contribute to preventing and combating corruption, as they facilitate a response to problems of confidentiality and data storage while ensuring traceability that cannot be modified.
Blockchain use cases such as digital identity, traceability and decentralized governance can enhance integrity and make it difficult to manipulate and conceal data and information. The Spanish company also noted that blockchain technology can be implemented to optimize obsolete financial and administrative systems, promoting digitalization and improving their security.
Blockchain has capabilities that make it “an effective tool, capable of providing transparency, trust and verifiability” in both the public and private sectors, the company said.
Blockchain in building a more inclusive future
Blockchain technology can be used to control and manage public projects and funds, to ensure data integrity, to optimize electronic voting processes, to modernize digital identity systems, and to guarantee citizen participation. All of these applications and use cases of blockchain technology contribute to building a more just and equitable future for all.
As an immutable technology, blockchain ensures that no one can delete or change a record, as it works precisely like a link in a chain. “If it is modified, the chain is broken,” the company said.
Telefónica also highlighted that thanks to smart contracts, blockchain technology has practical applications in the corporate and legal fields.
Smart contracts facilitate the possibility of automatically enforcing contracts according to the conditions and interpretations agreed upon by the parties involved. This technology also offers transparency and traceability in public bidding processes, contributing to the security of contracts and mitigating the risks of money embezzlement and manipulation of funds.
"The proper use of financial resources within both public and private organisations is constantly monitored," said Telefónica.
José Luis Núñez Díaz, Global Head of Blockchain and Web3 at Telefónica Tech, said during an interview that blockchain technology allows for the creation of a “shared truth” between the parties involved, which reduces the chances of fraud or manipulation.
Solutions against corruption
Telefónica has developed several initiatives related to blockchain and the fight against corruption, including TrustOS, a platform that allows companies to implement the advantages of blockchain to optimize their business processes.
Telefónica also participates in the consortium Alastria, which is a multi-sector blockchain network that seeks to promote digital transformation and innovation in Spain.
Continue reading: Blockchain, AI and Web3, the technologies that drive Spain's digital transformation
