The city of Berkeley, California has moved forward with an initiative to apply blockchain technology to public financing to raise funds for community projects, Bloomberg reports May 2. Last night the Berkeley city council unanimously voted to ask the city manager to consider a pilot program that proposes selling municipal bonds using blockchain technology.
The project, initiated by Vice Mayor Ben Barlett, aims to introduce another funding method to the city financial infrastructure that would ostensibly increase community investment by reducing the minimum bond price.