BitFury to Eliminate Corruption With Blockchain Technology

News and Analysis

Full service blockchain technology company The Bitfury Group has joined forces with the non-governmental organization the National Democratic Institute to form the Blockchain Trust Accelerator Initiative.

The project aims to connect governments with technologists and funders to hasten the adoption of the technology for social good and governance.

Plans for the accelerator were finalized at the recent 2016 Blockchain Summit on Sir Richard Branson’s Necker Island in the Caribbean.

According to The Forbes, the newly formed accelerator will select projects “focused entirely on global change for good.”

Bitfury co-founder and CEO Valery Vavilov said in a statement:

“I grew up in Latvia – a small country of roughly two million people that was part of the Soviet Union until 1991 and now is now a proud member of the European union. When I was young I saw members of my family lose so much — their pensions, their life savings, their dreams – all in the face of systems and institutions that were not designed to work for the people. … Blockchain can make the world better and The Bitfury Group is dedicated to doing our part to ensure its success – for everyone.”

Tomicah Tillemann, director of the Bretton Woods II Initiative at New America, a Washington, D.C.-based think tank that bridges the gap between technology and policy, and Jamie Smith, Bitfury’s global chief communications officer, say potential applications for blockchain in governance include ensuring citizens have access to land titles, tracking the provenance and delivery of vaccines, securing citizens the right to vote, and giving people access to a legal identity.

“Blockchain has the potential to be the killer app for corruption,” says Tomicah Tillemann, who is also a cofounder of the initiative.

“There’s a tremendous amount of capital flowing into blockchain applications in the fintech sector, and that’s fantastic. It’s an indicator of the potential and power of this technology. But Bitfury, New America, NDI and all of our partners want to ensure that the transformational potential of the blockchain is used to make people’s lives better in addition to making people money”, he added.

Meanwhile Jamie Smith stated:

“If we are moving in a direction where we will, in the coming years, have global wifi and, undoubtedly, most people will be able to have some type of inexpensive phone, now that there’s this secure system that allows this transaction process, what that means for the future of democracy and good governance is indescribable.”

The initiative’s first pilot is a land titling system created by Bitfury using blockchain technology in the Republic of Georgia announced in April. Beginning in July, the accelerator, which will establish a board of directors, will begin soliciting proposals through an online portal and vet them for feasibility, partnership opportunities and potential to expand from pilot to broader option. Top proposals will then be matched with governments and funders to begin implementation.

Back in May this year ForkLog spoke to Valery Vavilov who stated that blockchain tech could deliver further transparency and accountability to any democracy, reduce friction and challenges that can come with any large system, reduce operational costs and – most importantly – advance economic opportunity for all.


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