Lawmakers of Spain Emphasizing On Use of Blockchain Technology in Governance

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Lawmakers of Spain Emphasizing On Use of Blockchain Technology in Governance

In order to effectively operate the public administration of the country, the ruling party of Spain believes that the government should take the help of blockchain technology. For this, a proposal related to the blockchain was submitted by 133 representatives of a well-known party. This proposal has been submitted to the Congress of Deputies, the lower chamber of the Spanish Parliament.

According to the proposal, the blockchain technology has been introduced by the government with a motive of enhancing internal processes as well as to provide transparency, robustness, and traceability in making decisions.

The goal of the draft is proposed by the ruling party of the country who has won by gaining the support from all the groups of parliament i.e. the Public as well as the Finance Function Committee of the Spanish Congress.

In addition to this, the blockchain which is introduced in internal processes as well as in contracting or in administrative concessions will result in transparency, traceability and encourage good control during the process. By using blockchain technology some additional revenue can also be generated in the Administration. This revenue can be generated by promoting the new exchange of rights models in sectors like infrastructure, tourism or logistics.

The government wants to promote the benefits of the blockchain technology which also includes cryptocurrency like Bitcoin which helps in removing the middlemen from all the payment systems as well as from transfers. The system will also benefit in raising capital that will be helpful for startups companies.

As per the draft, which the leading parties of Spain have approved, it also grabs our attention towards the perils which comes along the operations related to crypto. It states the proper information about the risks which are assumed by the investors along with the guarantees and rights on which they can trust. As per the statement by the Spanish deputies this approach of adopting blockchain technology will also help in avoiding those damages on the economy which are not possible to repair like the one that is connected to the financial products of heavy risk.

Lawmakers invoke the government in Madrid (the national capital of Spain) to support the initiative and be a part of the efforts of the Bank of Spain and the National Securities Market in the same way. They additionally put into effect reaching a standard position with reference to the utilization and regulation of cryptocurrencies on the European level. The head institutions requested for the appropriate branch of power to start working with different institutions and EU countries in order to gain momentum towards adaptation of new technology.

Developing private and public blockchain models are recommended by the lawmakers as it is favorable in reducing costs, encouraging the development of specialized employment and increasing productivity by the services and goods of the secondary markets.

For improving the maximum possible implementation the government should also provide developers appropriate training program as stated in the proposal.

Although there is a great support achieved for using blockchain technology, but as per the proposal suggested there are no specific details mentioned regarding how these plans will be launched or regarding detailing of any specific plan.