Berkeley, California may become the first municipality to use blockchain to float a muni bond, Bloomberg reports.
The City Council voted unanimously Tuesday for the city manager to examine the advantages of a pilot venture that would rely on blockchain technology to record bonds and subsequent transactions. Vice Mayor Ben Bartlett, who is leading the initiative, is looking to bolster community participation by offering minibond securities that would have less than the usual $5,000 minimum denomination, according to the news organization.
Using decentralized blockchain technology for the bond is meant to “get around Wall Street,” Bartlett said during a meeting before the vote. Read more here.