Mexico raises a national blockchain for public transparency

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México plantea una blockchain nacional para la transparencia pública
Key facts:
  • The Ministry of Economy proposed to design a collaborative public platform.
  • The project was announced last Thursday, but no release date was reported.

The federal government of Mexico again placed the magnifying glass on the benefits that the implementation of a national public blockchain would bring to the government administration. The Aztec Ministry of Economy showed special interest in distributed networks as a way to improve transparency and for society to benefit from accountability.

During the development of the Fundamentals of Blockchain and Cryptocurrencies course, held in Mexico City last Thursday, October 10, Daniel Casados, a technology advisor to the Ministry of Economy, said that although blockchains have become a massive topic for cryptocurrencies , these have a potential that has not yet been fully discovered.

“The idea and the great challenge that we have posed is to make a national blockchain, what we have called the transparency network. There we will participate different actors from Mexico, on the one hand there will be the federal government that in this case is headed by the Ministry of Economy, but that we think will be expansive to the rest of the government (...) the industry (startups) that is a fundamental element and the academy”, said Casados ​​during the event and in meetings with digital media.

The advisor did not offer details about the blockchain that he wants to develop, but said that although it is national, it is not from the government, it will be public and highly collaborative. A request for comments on this project has not yet been answered by Casados.

The authorities of the aforementioned secretariat visualize their project as a “triple helix” between the government, academia and companies, whose engine would be the society to which the benefits of transparency would be paid.

Data and national economy

The academic meeting also served as a stage for Graciela Márquez Colin, secretary of economy of Mexico, to explain the reasons why the authorities have approached the so-called distributed accounting technology (DLT).

«Many of the projects that we have are in what we have called the data economy, and we have taken it as a flag (...) It is an important moment to constitute a platform that adapts and is an instrument of support for all productive sectors», the official said.

Under these arguments, the State will attempt to implement a "datification" of the national economy through the blockchain that is under development.

In order for public officials to understand how blockchains work, an alliance was established with the MX Internet Association, EDU Blocks (Canada), the Blockchain Institute of Technology and High Tech Polymath for the realization of such courses.

Mexico has also proposed, in the past, the use of blockchains to combat, for example, fuel theft. In the field of cryptocurrencies, the country maintains a regulation through the Law to Regulate Financial Technology Institutions (ITF), known as Fintech.

Distributed accounting technology allows, among other things, transfers between two or more people without the intervention of third parties. Its introduction in the world of technology occurred for the first time through the creation of Bitcoin.