Whistle Blowing Using Blockchain the New Concept….

Whistleblowing:

The disclosure by a person, usually an employee in a government agency or private enterprise, to the public or to those inauthority, of mismanagement, corruption, illegality, or some other wrongdoing. Whistleblowers often face reprisals from their employer, who may suffer reputational damage as a result of the whistle being blown, or from colleagues who may have been involved in the illicit activities. In some cases reprisals become so severe that they turn into persecution. In some cases reprisals come from legal channels, particularly if the whistle has been blown for illegitimate reasons.Protection of whistle blowers is an important focus for the legal system, as is incentivising whistle blowing when there are many reasons stopping employees from doing so. In the UK, the Public Interest Disclosure Act 1998 is the basis of legal protection of whistle blowers. Previously disclosures had to be in the public interest, but new legislation enacted in late June 2013 changed this so that disclosures had to be in good faith.

The blockchain technology is probably the best invention since the internet itself. It allows value exchange without the need for trust or for a central authority. Today we have three options to manage this transaction:

  1. We can trust each other.
  2. We can turn the bet into a contract. With a contract in place both parties will be more prone to pay, however, should any of the two decide not to pay, the winner will have to pay additional money to cover legal expenses and the verdict might take a long time. Especially for a small amount of cash, this doesn’t seem the optimal way of managing the transaction.

 

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