Blockchain Technology: A Panacea for Corruption In Nigerian Government Financial Processes

International Journal of Research and Innovation in Applied Science (IJRIAS) | Volume VI, Issue VI, June 2021|ISSN 2454-6194

Blockchain Technology: A Panacea for Corruption In Nigerian Government Financial Processes

Raphael Ozighor Enihe¹, Taofeeqoladapo Lawal^2
1Department of Computer and Information Technology, Veritas University Abuja, Nigeria
²Department of Computer and Information Technology, Veritas University Abuja, Nigeria

Abstract: Government financial processes in Nigeria are known to lack credibility mostly because there is centralization, manipulation of accounts and lack of trust between the government officials and the citizens of Nigeria. Attempts to end or at least reduce corrupt government practices have failed miserably mostly because most processes are still manual or use systems that can be manipulated easily. Nigeria has vastly turned to spiritual mentorship, activists and whistle-blowers to curb government financial corrupt practices. However, there have been limited attempts in applying technology to solve this delicate issue. In this study the missing application of technology, that is, theapplicationof block chain which is referred to as the technology of trust will be the in-depth focus, investigating the state-of-the-art of block chain technology, its applications and challenges of using block chain technology and providing suggestions for handling finance of the government to eradicate corruption. The study draws its data from a review of literature on major applications of block chain, data, interviews and annual reports of Nigerian government agencies and bodies. The thesis argues that block chain technology can reduce corrupt government practices and easily track all financial government processes. Thus, government should apply this technology. It also suggests, implementation models and processes. It is also concluded that the implementation of blockchain on government accounts would reduce corruption and make all transactions decentralized, unchangeable, unforgeable and highly trackable.

I: INTRODUCTION

Blockchain is a distributed database solution that maintains a continuously growing list of data records, that are confirmed by the nodes participating in it.The data is recorded in a public ledger, including information of every transaction ever completed. Blockchain is a decentralized solution which does not require any third party organization in the middle [4]. Each block is connected to a previous block by a hash, thus enabling traceability; meanwhile, cryptography is used to guarantee that the block data cannot be tampered with and cannot be forged.

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