Puerto Rico hopes to fight corruption through blockchain technology

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According to reports, after another corruption scandal, the Puerto Rican government is seeking to improve its anti-corruption efforts by adopting blockchain technology.

Puerto Rico’s House of Representatives Speaker Rafael “Tatito” Hernandez announced that lawmakers will hold a meeting with local blockchain enthusiasts this month to discuss the use of blockchain technology to reduce the possibility of corruption.

The official stated at the Puerto Rico Blockchain Trade Association meeting that the implementation of blockchain and smart contracts can bring more transparency and accountability to the public sector, Bloomberg Report December 6.

“We have a real credibility issue, and this may be part of the solution,” Hernandez said, adding that there are broader efforts to make Puerto Rico a center of encryption and blockchain innovation. The official said that emerging industries may be a way for a bankrupt federal to rejuvenate the economy.

“As early as the 1960s and 1970s, we had a niche market for manufacturing. […] This is a new niche market, a new opportunity to create jobs,” Hernandez said.

According to reports, as a local mayor, Puerto Rico’s corruption problem is getting worse. Plead Accepted more than $100,000 in cash bribes last week.

Puerto Rico is not alone in exploring the potential anti-corruption capabilities of technologies such as blockchain and digital currencies.Last year, the Danish Ministry of Foreign Affairs reported The potential of blockchain Administrative and political corruption.The United Nations Agency on Drugs and Crime also Propose Kenya to use blockchain Fight against government corruption in November 2020.

related: The Gibraltar government plans to bridge the gap between the public and private sectors through blockchain

Although multiple jurisdictions are considering the underlying technology of cryptocurrency as a tool to reduce corruption, some governments like Russia bans its representatives and officials Holding cryptocurrency on the grounds of corruption.

One in the world Most corrupt Maria Agranovskaya, a legal lawyer and fintech expert in the Russian State Duma, stated that Russia can actually use cryptocurrency to reduce corruption. Agranovskaya told Cointelegraph that cash is more popular in illegal activities such as corruption because it is more difficult to track:

“If you communicate the correct KYC and AML at the beginning, the encrypted stream can be easier to trace, and only the appropriate game rules should be in place.”