Charles Hoskinson, founder of Cardano, has proposed a novel approach to managing the US federal budget by using blockchain to make financial flows more transparent and accountable.
Bringing Transparency to the Budget with Blockchain
Every year, the US spends trillions of dollars, distributing funds among states, companies, and other countries. Monitoring such a large volume of financial operations is difficult and prone to errors. Introducing blockchain would help record each operation in an immutable, public ledger, allowing any citizen to verify how tax dollars are spent.
Challenges in Implementation
The US budget system consists of numerous agencies, laws, and financial systems. Transitioning to blockchain would require a complete overhaul of all these structures, which is a complex task and faces resistance.
Cardano's Achievements in 2024
The Cardano Foundation released its Activity Report for 2024, highlighting significant growth and innovations such as expanding enterprise adoption, strengthening governance, and ensuring operational resilience. These achievements have laid the groundwork for further successes in the future.
Placing the US budget on the blockchain could revolutionize the finance management system and improve transparency. However, it requires decisive changes and overcoming many obstacles.
