The Role of Blockchain Technologies in Combating Corruption within the Virtual Assets Realm

Roman Yemelianov1, Olga Klymenko2, Tymur Loskutov3, Nikolay Mitikov4 & Ivan Servetsky5

https://doi.org/10.62271/pjc.16.2.483.500

Abstract
The utilisation of blockchain technology can greatly hinder the perpetration of corrupt deeds owing to its data immutability and transparency. The purpose of the study is to assess the impact of blockchain integration on reducing corruption risks in the realm of virtual assets. It was found that since the introduction of blockchain, Estonia has almost doubled the ranking of countries in anti-corruption. According to the study, the volume of illegal cryptocurrency
transactions continues to grow, requiring financial systems to adapt to new challenges. The prospect of further research should be based on strengthening financial security. The scientific novelty lies in the recognition of blockchain technologies’ potential as a tool for ensuring transparency and information inviolability within the virtual assets realm. The practical value of the study lies in developing recommendations for integrating blockchain technologies into virtual assets’ control and audit, which will contribute to enhancing the effectiveness of anti-corruption measures.

Keywords: Blockchain technologies, corruption, virtual assets, cryptocurrencies, financial security, smart contracts.