Bitcoin is made possible by blockchain technology. Blockchain is a decentralized bitcoin ledger that creates a record of all transactions happening across the bitcoin network. Blockchain has outgrown bitcoin and it is now being used for a wide variety of applications.
Being a relatively new technology, people are still working on finding different areas where blockchain technology can be incorporated. In England, the well-known bitcoin enthusiast George Galloway has plans to use blockchain to monitor the expenses of elected representatives (in other words, himself).
The former Member of the Parliament, George Galloway is contesting for the post of the Mayor of London as an independent candidate after he lost his seat for Respect Party. In order to bring in accountability to the positions and to ensure transparency of administration, George Galloway has pledged to run the budget of the City of London on a blockchain powered software called MayorsChain.
George Galloway’s promise is bound to sound sweet among middle-class Londoners who are in the midst of economic hardships due to reduced social benefits and increased taxes imposed by the government. By running London’s annual budget of over GBP 17 billion on MayorsChain, every penny spent by the mayor’s office will be accounted for and anyone can verify it. Using blockchain technology to keep track of expenditure will also create a perfect accounting mechanism which has the potential of saving thousands of pounds on auditing expenses.
If Galloway gets elected as a mayor and implements MayorsChain in London, it will also double as a pilot test for the new product developed by Galloway and Max Keiser. Apart from keeping track of the expenses, MayorsChain also enables members of the public to propose cost savings in a transparent way and the same can be considered by the Council, provided it meets the requirements.
George Galloway is also running an active crowdfunding campaign to run for the mayor’s office.