Blockchain as a method to fight corruption

A very important agreement was signed between members of “International Anti-corruption Assembly”, in particilar IACA Italy and IACA Malta, represented by their leaders Roman Romanskyi and Sir Moreno Zucchetti. The Memorandum on cooperation was signed, that means the development of organization entirely.

Due to a new Malta law on crypto-currencies, DLT and the bill on virtual financial assets (VFA Bill), monitoring of partners` software and applications, in particular IACA Malta President, Sir Moreno Zucchetti, was conducted. The CEO of ATCP MAlta represented its own hybrid blockchain, that is able to elliminate corruption, because this software, that uses conception of democracy and meritocracy in a distributed and decebtralized network of blockchains, is capable to transform complex and combersome processes linea, definite and incorruptible ones.

The software provides for registration in its own decentralized and distributed blockchain, but,first of all, it’s worth mentioning that, that there is now centralized database in system (every member of the network has an entire encrypted archive) and it doesn’t require human`s intervention in trust management as trustless; therefore, a compulsory service for all companies in regard to KYC (Know Your Customer) procedure was decided to be implanted, that is necessary for user`s checking, noting potencial risks or potencial violations in commercial relations. Thus, the first European framework agreement for representing first open-source software, which, due to its incorruptible nature, exlude a possibility of using distorted decision-making powers, that effect corruption in each sector.

International Anti-corruption Assembly is planning to establish operational centers in its headquarters, that offer KYC services, as well as share, implement and maintain the system for monitoring and fighting corruption.

There are more than 23 million companies in Europe. IACA acts as interlocutor for super partners, creating opporunities and legitimacity for new jobs. Just imagine that European average number of reports to be submitted to KYC exceeds 100 units per year, and if multiply demand on 2.3 billionof potential inquiries at European level by interested parties, taking into consideration that the cost of conventional KYC is on average 30 euros for each one, we are talking about business volume of almost 70 billion euros per year.

The goal of IACA is providing services in all Member States of European Community, creating hundreds of new jobs and providing operating costs that constitute one third of currently prepared KYC. Having only agreement to open four new operational centers: in Italy, in Malta, in Portugal and in Ukraine, IACA plans to create at least 100 jobs, and also to work on sharing and implementing control systems against corruption.