16 December 2017
visit www.ebaday.com

George Galloway proposes 'MayorsChain' to track city finances

30 July 2015  |  9971 views  |  0 london tower bridge

Radical anti-establishment politician and prospective London mayoral candidate George Galloway is proposing to use the blockchain to track the capital's $17 billion budget in real time.

The controversial former MP and member of the independent Respect Party - formed as an offshoot of the Stop the War Coalition in 2004 - has made blockchain-based accountability for funds a central plank of his 2016 campaign to unseat sitting incumbent Boris Johnson.

The proposed 'MayorsChain' will apply the technology of bitcoin platform Horizon and the Blocknet to the budget of every department in City Hall.

Galloway says the plans will make public participation in budgetary decisions more open and accountable.

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

Bitcoin fanboy and libertarian Max Keiser is hosting a crowdfunding campaign for Galloway on his cryptographic fund-rasing platform StartJoin. An early bitcoin adopter with a background on Wall Street, Keiser is a candidate to become Galloway's economic advisor, in the unlikely event that the one-time reality TV star should find himself in possession of the keys to City Hall.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mike Tyson bites into bitcoin

Mike Tyson bites into bitcoin

27 July 2015  |  6300 views  |  1 comments | 8 tweets | 3 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.response.ncr.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10373 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9834 views comments | 18 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7069 views comments | 19 tweets | 21 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6466 views 0 | 4 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
6214 views comments | 9 tweets | 9 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job