Transparency has always been one of society’s greatest concerns. Knowing what governments, companies and organisations are doing, to make sure they are in compliance with the law, has always been the goal. But achieving this with the traditional financial system is not so easy. That is why Binance CEO Changpeng Zhao, implies in the Tweet of the Day, that Blockchain technology has better governance than fiat money:
Changpeng Zhao tells all about Binance’s future
Changpeng Zhao defends transparency in Blockchain
In many ways, achieving transparency in the financial system depends on the will of the powerful. At the end of the day, information on financial transactions carried out by politicians or large companies and organizations is found in their banks. And they are not accessible for citizen audits by the public.
This leads to financial scandals like the Wirecard scandal in Germany. One of the most important companies in the European country, which has collapsed after a series of administrative irregularities came to light. These led to the disappearance of 1.9 billion dollars from the company, leaving a debt of 3.9 billion dollars to its clients.
For Changpeng Zhao, the story is different with Blockchain technology. For, being public all the transactions that are made in the blockchain. They can be easily audited by users. Making it easier to identify irregularities such as those committed by Wirecard. Also thanks to the existence of tools such as WhaleAlert.
„Better governance is having traceable funds in the Blockchain. WhaleAlert already does most of the work, and other analysis tools created by third parties abound.
Thus, as Changpeng Zhao comments, the Bitcoin Revolution would offer great advantages in the area of transparency over fiat money. The tools and capacities put at the service of citizens in the world of cryptomonies. It takes transparency to a level impossible to achieve in the traditional financial system.