100% TRANSPARENCY FOR THE MAYOR OF LONDON: GEORGE GALLOWAY PROPOSES BLOCKCHAIN-BASED ACCOUNTABILITY FOR FUNDS

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100% TRANSPARENCY FOR THE MAYOR OF LONDON: GEORGE GALLOWAY PROPOSES BLOCKCHAIN-BASED ACCOUNTABILITY FOR FUNDS

London, 1 July: Mayoral candidate George Galloway adopts blockchain technology for his 2016 campaign, harnessing the Blocknet and Horizon to create MayorsChain and make City Hall and the Mayor’s Office truly accountable.

Since governments spend public funds on shared public resources, the public has a right to transparency. Now, for the first time, the radically disruptive technology of blockchains can provide a technological backbone for true, 100% transparency. Political accountability, it seems, is about to take on a whole new meaning.

GOVERNMENTS NEED TRANSPARENCY IN ORDER TO BE ACCOUNTABLE

When it comes to governments making optimal use of their resources and always acting for the greater good, there is currently no intrinsic incentive to do so, as innumerable news reports attest to. But what would correctly align incentives would be true transparency, and it is exactly this that blockchain technology can provide.

A blockchain is an immutable, permanent record of data, stored on every computer in a peer-to-peer network, in such a way that anyone using it can prove, mathematically, that the data is a faithful account of occurrences, even if the user does not trust anyone delivering the data. As such, using blockchains to account for government budgetary allocations and spending will enable the public to know exactly how funds are being used, as they are used. In Galloway’s words,

We envision a future in which this model of transparent, unbreakable and verifiable contribution to the City Government, in combination with continuous participation of the crowd through active voting, is utilized to manage budgets that are public to be audited collaboratively by its citizens, who share the benefits and responsibilities collectively. We are calling this model, decentralized City governance by blockchain.

PUBLIC PARTICIPATION

Due to the decentralised nature of blockchains, it is also feasible to enable direct public participation in budgetary decisions more extensively and more secure than before. Just as payments can be tracked securely and without having to trust that no-one has manipulated the data, members of the public may vote for proposals without having to trust that the vote is fair. Furthermore, following public discussion, anyone can table a proposal and hold a public vote on it, the results of which are preserved, securely and permanently, in a blockchain for all to see.

The result might be revolutionary. Instead of governance being handled by several elected members and a handful of highly paid in-house auditors, Blockchain Governance allows for it to be handled in a transparent and practical way by an open transparent assembly of voters, through a blockchain. This could be applied to the budget of any department of City Hall put on the blockchain. In a word, blockchains make direct democracy possible in ways that were not previously imaginable, and radically empower the public.

TECHNOLOGICAL PARTNERS

Blockchain technology is advanced, and to design it requires expert knowledge of cryptography. In order to achieve this, Galloway is harnessing the technological features and expertise of the Blocknet and Horizon.

Horizon is a powerful “Bitcoin 2.0” platform with a broad feature set, rapid ongoing development, excellent distribution of its tokens, and an extremely high node count, second only to Bitcoin. Horizon thus offers the best combination of technological prowess and security for MayorsChain.

The Blocknet, otherwise known as the “internet of blockchains,” enables blockchains to talk to each other – a capacity which is essential if blockchains are to realise their potential. Blockchains necessarily will need to be mobile, modular, and interoperable if they are to handle humanity’s data needs. Yet any single blockchain inexorably grows in size and is thus unfriendly to mobile phones (for example, Bitcoin’s chain is about 30GB in size). Furthermore, the more functions a blockchain acquires, the faster it grows in size. Finally, changing any of the code on a complex blockchain – upon which everyone depends – puts everyone’s data at risk. Far better, then, to use multiple blockchains, each of which serves a single function. That way, chains can be replaced and upgraded without risking everything, and they can keep the data load low on mobile blockchains so that they can stay tiny.

Finally, Max Keiser’s cryptographic fundraising platform StartJOIN is hosting a crowdfunding campaign for this disruptive technology. An early Bitcoin adopter with a background on Wall Street, Keiser is a candidate to become Galloway’s economic advisor. He champions freedom from fiat, from banks, and from governments.

To help Galloway become the Mayor of London in May 2016, pledge and support on StartJOIN Crowdfunding: https://www.startjoin.com/galloway4London

Mayorschain.com
Blocknet.co
Horizonplatform.io
StartJOIN.com

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