Columbian Government Will Develop Blockchain and Cryptocurrency Payment Systems

Columbian Government Will Develop Blockchain and Cryptocurrency Payment Systems

Columbian Government Will Develop Blockchain and Cryptocurrency Payment Systems

The Colombian Ministry of Information Technology and Communications has released a document urging government departments to develop blockchain and cryptocurrency payment systems.

In a document titled “Guidelines for the Use and Integration of Distributed Ledger Technology in the Public Sector,” the agency explains the advantages and disadvantages of blockchain when used in the public sector. In addition, the document notes that the country is “lagging” in blockchain adoption.

Along with the representatives from the IT Ministry, staff from ViveLab Bogota, the University of Colombia, and the Municipality of Bogota worked on the guidelines. The document proposes ten blockchain solutions for implementation, including cryptocurrency payments, using blockchain for land registration, voting, storing and managing identity data, tracking supply chains, storing medical records, corporate data, and so on.

According to the compilers of the guideline, the use of blockchain will eliminate intermediate links in the information exchange chain, increase security and speed, and provide “transparency and confidence” in the management of data.

As reported in mid-June, the World Economic Forum and the government of Colombia are testing a project based on Ethereum to increase the transparency of government processes and fight corruption.