To complete the GBA Certification program, I selected to be part of the working Group “Self Regulation”.
I like the topic of Regulations because I am developing Applications that involve Regulations and with the blockchain we can extend the leverage of the technology.
The problem with Regulations is that all governments are over regulated. The Regulations are static documents that are disconnected from the real world. On the other side the spread of the regulation and the implementation is vague, causing government to loosen income from their constituents.
My solution is to create a Smart Contract platform for Regulations to run processes on the blockchain, preventing unused Regulations, loss of income and loss of law enforcement.
For example, the Traffic Regulations of Puerto Rico, have different Rules for Traffic Tickets and fines. We can put this regulation and expose it on many Applications to help self-Regulate the Law Enforcement Staff. It can be developed for any Regulation established on Federal, State or Municipal Agency.
We need to create a utility token to manage the transaction of fines and payments between the citizens and Central Authority (CA).