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Julie Moraine August 19, 2020 2 min read
Public Roll-out of Blockchain and Crypto Mulled in Colombia
A proposed draft may soon transform Colombia’s public sector and introduce blockchain solutions to boost transparency, safety and management among other things.
Colombia Makes a Shift Towards Blockchain
Colombia’s Ministry of Information, Technology and Communications (MinTIC) has revealed a guide for the adoption of a blockchain technology for the public sector. The draft proposal also calls for the implementation of crypto payments in the public sector. Further to empowering public payments through blockchain, the document outlines the pros and cons of the implementation of a Distributed Ledger Technology (DLT/Blockchain) in the public sector structures.
MinTIC argued that the country is unnecessarily delaying the adoption of blockchain. The ministry pointed out at other countries that have already implemented this such as China, the United States, Canada, Saudi Arabia and the European Union.
The 90-page draft mentions ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall, and the National as the organizations that contributed to the proposed framework. In total, 10 solutions were deemed important for implementation. They include crypto payments, voting, land registration, management of identity data, health records, supply chains, business records, academic degree filing, taxes management as well as public tenders.
Improving Public Safety and Funds Management
According to the document, the implementation of such solutions is going to remove any third-parties involved, improving transparency in the process and boosting security. The implementation of blockchain will not only enhance transparency but boost convenience as well as raise accountability and eliminate the opportunity to mishandle public funds. An additional benefit is the improved and automated management of data.
Furthermore, the guide by MinTIC quotes “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto, the creator of Bitcoin (BTC), arguing that blockchain solutions are safeguarding the people who invest in cryptocurrencies.
China, another frontrunner in the blockchain race, has recently invested $100 million into Hainan, branding the zone as a pilot blockchain financial hub or a free trade zone relying predominantly on digital assets such as cryptocurrencies and blockchain-powered solutions.