Transparency has always been one of the biggest concerns for society. Knowing what governments, companies and organizations are doing, to make sure you are in compliance with the law, has always been the goal. Although getting it with the traditional financial system is not so easy. So Binance CEO Changpeng Zhao hints at the Tweet of the day, that Blockchain technology has better governance than fiat money:
Changpeng Zhao defends transparency in Blockchain
In many ways, achieving transparency in the financial system depends on the will of the powerful. Since, 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 public audits by the public.
This leads to financial scandals like the Wirecard one in Germany. One of the most important companies in the European country, which has collapsed after a series of administrative irregularities came to light. Those that led to the disappearance of 1.9 billion dollars from the company, leaving a debt of 3.9 billion dollars with its clients.
For Changpeng Zhao, in the case of Blockchain technology, the story is different. Well, since all the transactions that take place in the blockchain are public. They can be easily audited by users. Making it easier to identify irregularities such as those committed by Wirecard. Thanks also to the existence of tools like WhaleAlert.
“Better governance is to have trackable funds on the Blockchain. WhaleAlert does most of the work already, and other third-party analytics tools abound“
Thus, as Changpeng Zhao comments, the Blockchain would offer great advantages in the field of transparency over fiat money. Well, the tools and capabilities put at the service of citizens in the world of cryptocurrencies. It takes transparency to a level impossible to achieve in the traditional financial system.