Blockchain technology can be used to accomplish many goals and as we speak, developers and engineers are only discovering the tip of the iceberg. But that isn’t keeping people from dreaming big about how they could use blockchain technology for their own benefit. One of the candidates for Mayor of London, is looking for a way to put the city’s entire budget on the blockchain.
London’s Entire Budget On The Blockchain – Transparency Plays A Key Role For MayorsChain
When it comes to the potential implications of using blockchain technology from a financial point of view, the possibilities are almost endless. Blockchain technology does not only allow instantaneous transfers of digital wealth all over the world at a minute cost, but it also gives people of all classes access to financial services they have never experienced before.
Or, in some cases, blockchain technology inspires people to dream big for the benefit of all of us. George Galloway, one of the candidates for Mayorship of London, is planning to put the nation’s capital’s entire budget on the blockchain. Storing GBP 17 bn on the blockchain is quite an impressive feat, especially considering it will not be denominated in Bitcoin in order to avoid price volatility.
Which brings us to one of the most beautiful aspects of the blockchain: any services or platform built on top of this technology enables the use of Bitcoin but does not make it a requirement. The choice of using the blockchain as a way to keep track of London’s funds and spending habits of government officials is simple: the blockchain allows unprecedented transparency in real-time.
“For example if the mayoralty transferred today 50,000 pounds for such and such a service, members of the public instantaneously can say ‘I know that that same service could be provided much more cheaply’ and we’ve identified that we can make very substantial savings in the budget, perhaps 900 million pounds saving, just by public participation. So we’d be the only government in the entire world whose entire budget was transparently online and influenceable, and I think it might just set a trend.” – George Galloway told media outlets from around the world.
It goes without saying that this is a very ambitious plan, yet it also goes to show how blockchain technology is slowly making headway into the everyday lives of people. An idea such as the one presented by George Galloway would have been deemed ludicrous and impossible just a decade ago. Fast forward to today, and we are on the brink of seeing a city’s entire budget move across a real-time transparent ledger in the very near future.
London – Financial Capital Of The World And Welcoming Bitcoin Entrepreneurs
In fact, it is no surprise to see this idea proposed in a city such as London. After all, London is the financial capital of the world and a city that welcomes Bitcoin entrepreneurs and startups worldwide. Despite terrible banking relations between major UK banks and Bitcoin startups, many companies are having a moderate rate of success by moving their head offices to London.
As awesome as the idea may sound to blockchain and Bitcoin enthusiasts around the world, there are still a lot of hurdles to overcome. First and foremost, if this idea were to become a reality, a way has to be found to integrate blockchain technology into the city’s accounting system. Secondly, a decision will need to be made on how the allocated funds will be issued on the blockchain: as a token, a digital asset, or a new cryptocurrency.
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