Puerto Rico to Combat Corruption with Blockchain

The US territory will begin working on smart contracts solutions for greater transparency.

Puerto Rico to Combat Corruption with Blockchain

Amidst several corruption scandals, Puerto Rico wows to bring more clarity and transparency to its territory. According to official sources, they are planning to use blockchain technology and smart contracts to track their public sector.

Puerto Rico House Speaker Rafael Hernadez has confirmed that he is going to meet with the blockchain community this month, to work together on bringing forth computer software that will be embedded into Puerto Rico’s protocols.

We have a real credibility problem,” he said, “and this might be part of the solution.

The proclamation comes only days after the territory has been shaken by a huge scandal. The mayor of Catano was found guilty of taking over $100,000 in bribes. This is only the most recent corruption scandal in the long line of scandals over the past few years.

Hernandez also stated that the other incentive for blockchain integration is Puerto Rico’s vision to become a cryptocurrency hub. Its relaxed tax procedures are already attracting more and more investors. With a blockchain infrastructure, the number could grow significantly.

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