Why Blockchain is the Future of Government Transparency
October 26, 2022
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1:12Now PlayingWhy Blockchain is the Future of Government Transparency
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as posted by the channelCould blockchain reduce government corruption? The same technology that brought you crypto could revolutionize government, making it a lot more transparent and efficient. The United States alone spends more than $5 trillion a year.
And while the government does a whole lot of good, it also wastes a lot of money. It's inefficient, and it's influenced by lobbyists and special interests. The US government, in the end, is the largest organization in the world and also the largest employer. So just tracking $5 trillion costs a whole lot of money.
Blockchain and digital currencies could change that. Next-gen public finance would be traceable, transparent, and easily tallied. And governments could also have a much better idea of their current financial position, and waste and fraud could be much more easily identified.
But, like everything else, politicians and entrenched interests are always hostile to change. The current system, in the end, works for them. Still, Blockchain is the tip of the iceberg. Government is not a lost cause. And there's lots of technology that can help it make it do its job better. We often talk about making the government bigger or smaller, we should instead talk about making it better.
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