Abstract
This paper studies recent economic and political developments in Mexico and the potential role of blockchain technology in improving governance and fighting corruption in the country. Mexico badly needs innovative solutions to fight the persistent problems of corruption and inefficient governance. At the same time, blockchain, being a decentralized technology, promises to reduce administrative costs and ensure transparency in the public services. The paper takes stock of the current state of blockchain implementation in the economy and in the public administration of Mexico as well as studies the advantages and disadvantages related to the further outspread of the technology in the country. Moreover, the work aims at drawing policy recommendations as to the future role of blockchain in the public management and economic development in Mexico.
Highlights
Some of the expressed opinions stress out that blockchain “could add a layer of security to records and transactions that are exposed to high corruption risks” but “it will not replace the need for stronger institutions” [2]
From 2017 revealed that new companies could take over 30% one can assume that Mexico has by far the largest density of traditional banking market in Mexico within the 10 of access points to fund digital cryptocurrency wallets with years
As highlighted in the OECD survey presented in the case, the problems faced by Mexico are complex and often closely entangled with one another
Summary
In September 2017, the Mexican government has initiated a blockchain project called “Blockchain HACKMX”. Public blockchains embed own coins, to reward the nodes running the network, and use different consensus mechanisms such as PoW or Proof of Stake (PoS). Blockchain supported by Domingo [21] who estimated that energy introduced a revolutionary way of distributing political consumption from banks amount to 100TWh annually He power, which is more transparent, and user friendly than all expects Bitcoins efficiency to further increase due to existing governance systems [7]. Since many the following assessment of the country: cryptocurrencies, including Bitcoin, use a PoW mechanism “Mexico is the world’s 11th largest economy (in to achieve consensus among the network, their blockchains terms of GDP measured at purchasing power parity). Several studies have recognized a strong positive correlation between economic growth and social trust [35, 36]
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