Blockchain for Public Spending: An Idea Revived

There's been a lot of talk lately about how governments are changing their stance on cryptocurrencies and the technologies behind them.

I see one sign of this shift in the return of an idea I last came across back in 2012:

• The U.S. Department of Government Efficiency is exploring blockchain for public spending.
• Binance founder CZ suggested that all governments could benefit from tracking expenditures through immutable public ledgers - blockchains.

In 2012, I was learning about Bitcoin and came across the idea that if taxes were collected in Bitcoin, it would be possible to transparently track how those funds were spent.

But over time, this concept was forgotten, and in recent years, it’s hardly been discussed.

I’m thrilled to see it coming back. Citizens must pay taxes, and governments must use those funds for the benefit of the citizens - blockchain can help us ensure that happens.

Back in 2012, there were only a handful of blockchains, and their capacity wasn’t enough to handle government-level usage. Today, we have many blockchains - more than enough for this.

And if funds need to be moved between them, it’s easy. Just use rabbit.io: no bureaucracy, no restrictions.