Madrid City Council will seek to invest part of the 2022 budget in blockchain development

Madrid City Council will seek to invest part of the 2022 budget in blockchain development

Within the framework of the preparation and approval of the budgets for the year 2022, the Madrid City Council, in its commitment to innovation and entrepreneurship, would be willing to invest around 500,000 euros in the development and implementation of Blockchain technology where not only economic transactions are linked, but also sectors such as public administration, foodtech, culture, urbantech and digital identity benefit.

From the Innovation and Entrepreneurship Area, Angel Child, Delegate councilor and president of the Municipal Board of Ciudad Lineal, committed to the technologies called to transform society, makes its commitment to the blockchain and supports projects of this nature, That is why a game of more than 350,000 euros will be available to accelerate specialized blockchain startups located in the city of Madrid.

In addition, the budget is expected to allocate around 180,000 euros for business projects that use blockchain technology and have a value proposition that improves the lives of citizens.

According to what the Area of ​​Innovation and Entrepreneurship of the Madrid City Council would have indicated, with Blockchain technology it will be possible to tokenize (quantify) the carbon footprint of citizens, and / or digital recognition models could be developed to facilitate the identification of Madrilenians, the latter being, given its usefulness, according to them, a necessity to be included in next year’s accounts.

With the initiative that is part of the 2022 Budgets, the Madrid City Council will seek to define the social and commercial interactions of the future, that is why it becomes a measure that contributes to the sustainability of cities, since it is aligned with the United Nations Sustainable Development Goals scheduled for 2030. Luis Sanz, who works as Advisor to the City Council of the Ciudad Lineal District, highlighted for the Cointelegraph en Español team that, “With this strategy, it is hoped that Madrid will become a world benchmark for new technologies and a focus for attracting talent, wealth and employment.” However, finally it is to point out that although it is a very attractive proposal, it has not yet been approved by the Governing Board of the City Council since the Vox political party still seems to have not pronounced on the matter, despite having the preliminary draft, and its four councilors are essential to get the accounts ahead, tentative at the latest within a month.

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