The Mexico government is the first one to launch public blockchain tender. It is a well-known fact that blockchain technology can be used for easing of the bureaucracy. As a result, many authorities are launching tenders as well as managing various departments on the blockchain technology.
On the cryptocurrency, investors are not yet sure what the contract is about. However, the blockchain-based tender will be launched pretty soon. Also, the white paper of the gender, as well as the blockchain government is clearly stated technology used, will be released as well. It will be actually launched at the end of August.
A hackathon was organized in April 2018. The 1st concept was actually formulated during that event. However, the Mexican government was pretty fast in order to bring the idea to reality. In just a few months, the Mexico government banned from getting the blueprint of the blockchain-based contract to actually implementing the idea.
Several government agencies involved:
In order to implement the blockchain-based contract, the government is involving different agencies. As a result, with the seamless work of all of such agencies, the contract can be easily unwieldy quite quickly. If indeed, this contract is successful, the Mexico government can actually use the blockchain network for launching further tenders as well. In the future, the government can use it for governing the various departments as well.
It remains to be seen whether horizontally as well, the departments, as well as the administration, can be controlled by the blockchain technology or not. Up until now, the transactions which will take place on the blockchain technology will be supervised and validated by various organizations as well as academics. This will ensure that the transactions are done in a completely transparent manner. This will ensure that it will become easier for the government to process the transactions as well.
Moreover, the bid will be placed with the help of the smart contract. Also, the smart contract details will be clearly specified as well in order to ensure that the stakeholders can participate in the bidding quite easily.
It remains to be seen whether other countries also follow suit. Blockchain provides one of the most efficient methods to govern as well as to create tenders and execute them. In addition to that, the applications of blockchain technology are much more versatile as well. Mexico is the 1st government to think about using the blockchain technology for some credible applications.
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