The founder of Cardano hopes the US budget is based on blockchain

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This amounts to real-time tracking of trillions of dollars, making every transaction clear, visible, and traceable.

This is a high-risk proposal that could forever change the way the government handles funds. Let's further explore how to incorporate the US budget into blockchain.

Achieving transparency of trillions of dollars through blockchain

The US government spends trillions of dollars each year, allocating funds to states, companies, and even other countries. But tracking this money is not always easy. Currently, the federal budget is a complex web of reports, audits, and agencies. Errors, inefficiencies, and even fraud can slip through. Hoskinson's idea would change this status quo by placing every dollar on a public ledger for everyone to see.

With blockchain technology, transactions can be recorded instantly and cannot be altered. This means anyone can verify where tax dollars are going. Therefore, it would reduce waste and make corruption harder to hide. Imagine being able to check the destination of federal funds with just a click of a button, whether for infrastructure, defense, or foreign aid.

While blockchain brings transparency, there are also huge obstacles. The US budget involves countless agencies, laws, and financial systems. Moving everything to blockchain would require massive reforms, and not everyone is willing to do so.

More information about Cardano

The Cardano Foundation's '2024 Activity Report' has been released, highlighting growth and innovation for the year. From expanding enterprise adoption to strengthening governance, promoting education, and ensuring operational resilience, the report showcases how Cardano is building for the future.

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