Block chain to fight corruption: Ukraine through the block chain auction confiscated assets


nnnIn Ukraine: Ukraine received financial assistance from international institutions such as the International Monetary Fund (IMF), and decided to take action to combat corruption, saying that it could make good use of the funds. To this end, the Ukrainian government has reached a cooperation with the Bitfury Group, decided to use the block chain technology auction confiscation of assets, so that the public can be transparent and open understanding of government transaction information to ensure the safety of transactions to prevent the occurrence of corruption.n
nnTranslation: Annie_Xun
nThe Ukrainian Ministry of Justice has shown interest in digitizing confiscated asset auctions through block chains.n
nThe block chain will be used for the management of national assets and land registrations by the end of 2017.n
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nTransparent government transactionsn
nDeputy Minister Serhiy Petukhov reiterated that the move was aimed at creating an effective system for the sale of confiscated assets and that the information would be open to the public, transparent and secure. Thus eliminating the accusations of asset manipulation and other issues.n
nIn April 2017, the Ukrainian government had reached a cooperation with the Bitfury Group, the purpose of which was to make the auction transparent and safe.n
nBitfury CEO Valery Vavilov assures that government systems built and protected with block chains can safely handle billions of dollars in asset transactions. And this secure block chain system can meet the public demand for reliability and transparency, thus greatly affecting the global economy and society.n
nThe cooperation between the Ukrainian government and Bitfury Group is aimed at modernizing institutional processes and eliminating corruption through block chains. The International Monetary Fund (IMF) and other Western institutions have provided $ 40 billion in aid to Ukraine, and action must be made to combat corruption.n

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