K
Kathleen Martin
Guest
As Puerto Rico has been beset by corruption allegations, the island’s legislature will begin holding meetings on how to use the blockchain technology that underpins cryptocurrencies such as Bitcoin to reduce government graft.
Puerto Rico House Speaker Rafael “Tatito” Hernandez said he will begin meeting with members of the island’s growing blockchain industry this month about creating “smart contracts,” on embedded computer programs in the protocols, that might bring more transparency and accountability to the public sector.
“We have a real credibility problem,” Hernandez told Bloomberg on the sidelines of a Puerto Rico Blockchain Trade Association conference. “And this might be part of the solution.”
The U.S. territory of 3.3 million has been rattled by corruption scandals in recent years. On Friday, the mayor of Catano pleaded guilty to accepting more than $100,000 in bribes and luxury watches in exchange for millions in municipal contracts. The local FBI office has suggested more public-sector indictments are in the works.
Hernandez said the industry meetings are also part of a broader effort to make Puerto Rico a hub for crypto-currency and blockchain innovation.
Continue reading: https://www.bloomberg.com/news/articles/2021-12-06/puerto-rico-lawmakers-want-to-use-blockchain-to-cut-corruption
Puerto Rico House Speaker Rafael “Tatito” Hernandez said he will begin meeting with members of the island’s growing blockchain industry this month about creating “smart contracts,” on embedded computer programs in the protocols, that might bring more transparency and accountability to the public sector.
“We have a real credibility problem,” Hernandez told Bloomberg on the sidelines of a Puerto Rico Blockchain Trade Association conference. “And this might be part of the solution.”
The U.S. territory of 3.3 million has been rattled by corruption scandals in recent years. On Friday, the mayor of Catano pleaded guilty to accepting more than $100,000 in bribes and luxury watches in exchange for millions in municipal contracts. The local FBI office has suggested more public-sector indictments are in the works.
Hernandez said the industry meetings are also part of a broader effort to make Puerto Rico a hub for crypto-currency and blockchain innovation.
Continue reading: https://www.bloomberg.com/news/articles/2021-12-06/puerto-rico-lawmakers-want-to-use-blockchain-to-cut-corruption
