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It's a step towards preventing corruption.

The automated clearing house system, our current means of settling payments, is pretty secure. The bigger threats are someone getting ahold of your credit card or checking account info, which is the same threat level whenever you want to convert your Coinbase balance back into your local currency (or someone getting ahold of your public key).

The blockchain, rather, represents a better clearinghouse merely by being a decentralized platform to account for payments rather than a centralized one.

OP says this prevents accounting fraud. Not one iota.

It won't prevent corruption. It will alter the logistics of corruption though.

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