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Buenos Aires Plans to Use Blockchain for Social Aid Payments

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VOC, Voice of Crypto, Blockchain

Due to its several benefits like traceability, elimination of third parties, security, etc., several big and small businesses and governments worldwide are now opting for blockchain technology for various purposes. Recently, the government of Buenos Aires has decided to adopt the blockchain system as an integral part of their social aid payments. 

What Is ‘Blockchain Welfare Law’

The city legislator of Buenos Aires, Dario Nieto, has introduced a bill regarding implementing blockchain tech into various programs and welfare assistance the city offers. According to him, this step will eliminate the scope of several intermediaries who often ‘keep their parts’ during these social campaigns.  Moreover, it would give the Buenos Aires state complete control over the welfare assistance beneficiaries. 

Nieto mentioned that several intermediaries use these social assistance programs to make money or coerce recipients to get involved in political activities.

He further stated that he believes that introducing a blockchain technology system in this sector could be of great help as it would allow every transaction to be traceable. There will be no further need for any intermediary in this regard.

Buenos Aires’ History with Blockchain

Buenos Aires has been pro blockchain technology for a long time. It shares a rich history with the blockchain-based system. Buenos Aires is a city that has successfully implemented blockchain in its structure. Before this law,  the city introduced other blockchain-related bills too.

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Nieto has previously introduced a bill by which they could use blockchain technology as a segment of the control system for state purchases and contracts. Apart from this, in April this year, Horacio Rodriguez Larreta, the chief of the government of Buenos Aires, confirmed that the state would allow its citizens to pay some of the taxes via cryptocurrencies. 

As a part of the modernization program, Buenos Aires is already in its final stages of adopting TangoID, a blockchain-based identification system. The government aims to have this system in work by January 2023. 

In the first half of August, the government also stated that the city plans on deploying and operating Ethereum validators (ETH nodes) by 2023. This is to learn more about this chain for further regulatory measures.

During Argentina’s ETHLatam conference, the city official stated that the city would become one of the first public entities across the globe to assist in running Ethereum’s network infrastructure. 

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Samvida is a versatile writer/editor passionate about reaching out to people of different precincts by using words as an effective means. She’s a law graduate residing in Bihar, India. She holds a curious persona, often delving into worlds of astrophysics, technology, crypto, law, and international relations.

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