Excellent current event example of how smart contracts can help limit taxpayer abuse: Foxconn’s failure to build a factory in Wisconsin that was supposed to provide 13,000 jobs for tax breaks. Nothing materialized after taxpayers shelled out over $400 million.

Ursprünglich erschienen auf: https://www.reddit.com/r/CryptoCurrency/comments/jegxin/excellent_current_event_example_of_how_smart/

It's worth the read. Here's an excerpt from the article:

Behind Foxconn’s empty buildings, empty factories, and empty promises in Wisconsin. How were taxpayers were downright back-stabbed, beaten, and robbed out of multiple 100s of Millions of dollar$.

Hopes were high among the employees who joined Foxconn’s Wisconsin project in the summer of 2018. In June, President Donald Trump had broken ground on an LCD factory he called “the eighth wonder of the world.” The scale of the promise was indeed enormous: a $10 billion investment from the Taiwanese electronics giant, a 20 million-square-foot manufacturing complex, and, most importantly, 13,000 jobs. …

The renovations never arrived. Neither did the factory, the tech campus, nor the thousands of jobs. Interviews with 19 employees and dozens of others involved with the project, as well as thousands of pages of public documents, reveal a project that has defaulted on almost every promise. The building Foxconn calls an LCD factory — about 1/20th the size of the original plan — is little more than an empty shell. In September, Foxconn received a permit to change its intended use from manufacturing to storage. …

Foxconn did not return repeated requests for comment.

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