Why Blockchain?

Blockchain technology is changing the world

People ask us why blockchain technology is so important. This is why.

Your Money

Full Compliance

As a resident and tax payer you are entitled to accessibility and relevance of information about the council and what it spends under the Local Government Transparency Code 2014. Furthermore, there should be a commitment to:

  • Design services around user needs
  • Empower citizens to shape their communities and services
  • Drive inefficiencies and public service transformation
  • Promote economic and social growth
  • Be transparent and publicly accountable

There are ways of obtaining information under the Freedom of Information Act, but it is an impractical and tedious exercise for the majority of people to go through in order to engage with local government to achieve an inclusive dialogue.

Using the proposed blockchain solution, every detail of the budget approved by sessions of the Council will be lodged on a special blockchain called the  Mayor’s Chain. The rule will be that if an item is not registered on the Mayor’s Chain, it doesn’t exist and cannot be paid. This will ensure that everything is fully transparent from the start.

From this point the public has full visibility of budgetary items. Each London resident can then propose cost savings per item, again in a publicly visible manner. There will be a process for the Council to consider these suggestions and, if adopted, the changes will be recorded on the Mayor’s Chain.

As savings are achieved, they will be added to a total that will be handled as a new funds allocation requiring a supplementary budget in its own right. This budget will be put out to public consultation using the same mechanisms on the Mayor’s Chain. The Council will consider these suggestions in the formulation of the supplementary budget, which will again be lodged on the Mayor’s Chain.

The process is iterative, keeping the public engaged and empowered.

MayorsChain: a blockchain-based public expenditure management system