After Gibraltar, Puerto Rico is all set to be the next country to bring blockchain into administrative tasks. However, Puerto Rico aims at dealing with corruption through blockchain. Their official stance on cryptocurrencies is not yet known, but we can expect a leaning towards digital assets with the introduction of blockchain to governmental mechanisms.
A leading politician from Puerto Rico, Rafael “Tatito” Hernandez, said that the government is planning to talk to Blockchain firms in the country to understand how it can help them deal with corruption. These developments come days after a Puerto Rican minister pleaded guilty to accepting bribes worth $100,000. According to Hernandez, blockchain can help the country fight corruption and promote transparency in all sectors. The problem of corruption is especially acute in Puerto Rico, with top politicians routinely being involved in scams and bribery scandals.
Blockchain can be a potent tool to fight corruption. Since every transaction in the blockchain is verified and authenticated by multiple sources, forgery becomes possible. As a system of recording transactions, blockchain is the best we have in existence. Corruption can be tackled effectively with blockchain if official transactions are brought into its gambit. More than that, blockchain brings transparency to transactions. The ‘blocks’ reveal information about past transactions, and every transaction can be traced to its roots. These features will play a key role in improving the country’s financial image, making it difficult for everyone to give or accept bribes.