The Ministry of Finance proposed that a collaborative public platform be developed. The project was announced last Thursday, October 10th, but no release date was reported.
The federal government of Mexico again holds the magnifying glass on the benefits that the implementation of a national public blockchain would bring to the government’s administration. The Aztec Ministry of Finance showed special interest in distributed ledgers as a way to improve transparency and for society to benefit from accountability.
During the course on Fundamentals of Blockchain and Cryptocurrencies, which was held in Mexico City on Thursday, October 10th, Daniel Casados, a technology advisor to the Ministry of Finance, noted that although blockchains have become a massive subject due to cryptocurrencies, they have a lot of potential that has not yet been fully discovered.
During the event and at meetings with digital media, Casados said that the idea and great challenge raised was to develop a national blockchain, which is called the “transparency network.” He explained that the project will feature the participation of different actors from Mexico, among who will be the federal government (headed the Ministry of Finance), but it is believed that it will be expansive to the rest of the government, the industry (startup companies), and academia.
The advisor did not provide any details about the blockchain that is intended to be developed, but he said that although it is of a national nature, it is not owned by the government, since it will be public and highly collaborative. Casados has not yet responded to a request for comments on this project.
The authorities of the aforementioned Ministry see 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, Minister of Finance of Mexico, to explain the reasons why the authorities have approached the so-called distributed ledger technology (DLT).
The official said that many of their existing projects are in what has been called the data economy, and they have adopted it as a banner. She highlighted that it is an important moment to constitute a platform that is adaptable and an instrument to support all productive sectors.
With these arguments, the Mexican 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, BlocksEDU (Canada), the Blockchain Institute of Technology, and High Tech Polymath for conducting this type of courses.
In the past, Mexico has also proposed the use of blockchains to fight against problems such as fuel theft. In the field of cryptocurrencies, the country maintains a regulation through the Law to Regulate Financial Technology Institutions (FTI), known as Fintech.
Distributed ledger technology allows, among other things, transfers between two or more people without the intervention of third parties. Its entry into the world of technology occurred through the creation of Bitcoin.
By Willmen Blanco
