Elon Musk and the CEO of Coinbase propose to transfer all US government spending to the blockchain.
Source
This means $6.9 trillion per year for a decentralized registry.
Does it sound like fiction? Maybe. But it would be a historic moment that changes the very logic of financial management.
What will it do?
• Government spending will become transparent – any spending can be tracked in a couple of clicks.
• Fraud will become more difficult – no "lost" budget, inflated tenders and strange contracts.
• Automated audits – there is no need to spend billions on auditing when you can just launch a smart contract.
Today, the Pentagon has been unable to explain where 63% of their $3.8 trillion assets have gone.
In 2022, $13.6 billion was spent on “erroneous” social security payments.
It's not even corruption. It's just chaos in the system.
Why don't the officials want this?
Because efficiency is the enemy of those who profit from inefficiency.
• In 2023, $322 billion went to NGOs that no one had heard of.
• The 2018 Pentagon audit alone took $1 billion, and it failed.
• A budget deficit is $5 billion in unnecessary spending per day.
Transferring government spending to the blockchain will eliminate thousands of schemes that earn billions.
Will there be any resistance?
It's huge. Because the benefit for taxpayers is a loss for the parasites of the system.
But the question is not whether it should be done, but when it will become inevitable.
Deutsche Bank predicts 250 million users of blockchain wallets by 2030.
Banks are already using blockchain for international payments.
I thought, if this does happen, which blockchain would be the best fit? 🤔
🔥 - put it down if I should sort it out in the next post .