The Importance Of Transparency

. 2 min read

Transparency is paramount for any business or organisation that wishes to outlast its contemporary generation. As times change, so do too do social norms and the expectations imposed on society and business.

If there’s a common theme amongst infamous corporate and accounting scandals, it’s that negligent management is covered up by the lack of transparency. This has been no more evident than in cases such as the Enron collapse, WorldCom collapse, and out-right scams such as the Bernie Madoff ponzi fund.

Thanks to the Sarbanes-Oxley Act of 2002, which enforced stricter controls over maintaining and publishing accounting records, there has been some intermittent reprise from the long sinister history of corruption within the ranks of major corporations. However, we still continue to see financial and business scandals rock the world’s economy — and all because of the lack of transparency allows these activities to go unnoticed for extended periods of time.

There is the notion that businesses and organisations need privacy in order to be successful, however there is a stark difference between keeping confidential trade secrets and hiding surreptitious accounting records. There never has been and never will be disturbing scandals around Coca Cola’s desire to keep their recipes secret, or Google keeping their search algorithms under wraps.

Unfortuneately, transparency issues hide a lot more than just corruption within the corporate world. For those who have been involved in the cryptocurrency space for a while, uncertainty over government regulations has long been a thorn in the side of cryptocurrency’s future.

Recently Chinese President Xi Jinping announced plans that involved giving the Communist Party greater control over everything from financial services to manufacturing.

Read more about Chinese President Xi Jinping’s plans here

For those organisations that welcome community engagement and champion transparency by releasing internal documents such as memos and accounting records, they build a culture that is resistant to the negative scheming that brews quietly in other organisations.

Just the other day, LocalCoinSwap released our full source code of our revolutionary new Cryptoshares. Cryptoshares allow LocalCoinSwap to distribute the decision making and profit of a peer-to-peer exchange that will offer trading on a multitude of crypto assets worldwide.

This source code governs plans we have promised, using the Blockchain to achieve the goals set in our Whitepaper.

Read more about the Cryptoshare full release here

If there is one thing that the team at LocalCoinSwap understand, it’s that transparency is a key component to longevity. Using Blockchain and Smart Contract technology, LocalCoinSwap will operate our business transparently and in a way that is open to public scrutiny. We do not claim to have the perfect answers for all future problems or decision making that comes our way, but by operating in an open and transparent fashion, and by deriving solutions from the community’s perspective, we are certain that we are setting ourselves up for long-term success.

So if you haven’t already signed up to our newsletter or one of our social media platforms, make sure you do so to stay up to date with the latest developments of our fully inclusive peer-to-peer cryptocurrency exchange.