Robert F. Kennedy announced that if he won the election, he will integrate the blockchain to enable transparency in the country’s budget.

With decentralized and immutable ledgers of digital currencies coming into play, he aims to subordinate citizens of the government with enhanced oversight over public spending

Robert F. Kennedy, who is running for presidential office in the US, announced a daring plan to change the information transparency in the country’s federal budget by putting the entire US budget on the blockchain if he wins the election.

In his most recent campaign event in Michigan, Kennedy laid out the strategy of using blockchain technology as a regulatory mechanism to hold government accounts and fight corruption. Presenting this proposal entails enabling every citizen in the United States to view where his or her tax dollars go, creating a new environment of transparency in the government.

RFK Jr. proposes a revolutionary idea to enhance transparency in government spending: putting the entire U.S. budget on #blockchain. Will this bold move bring unprecedented accountability or face logistical hurdles?

“Every American can scrutinize every dime, 24/7!” #BTC,… pic.twitter.com/PTizy7peb1

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 23, 2024

With decentralized and immutable ledgers of digital currencies coming into play, he aims to subordinate citizens of the government with enhanced oversight over public spending. Additionally, the public can bring to light cases where public funds are wasted or misappropriated. Such increased transparency is seen as a way to further promote public responsibility, engage the public in the democratic process, and make public officials accountable for their financial decisions.

The incorporation of blockchain technology into government budgets is in line with the fight against corruption and the preservation of integrity in public governance. The International Monetary Fund (IMF) estimates that corruption contributes to over one-third of the world’s economic output, which illustrates the importance of practicing transparency. The plan outlined by Kennedy, which consists of the implementation of blockchain, will solve the issue of citizens not having the chance to verify the use of public resources and if those officials are held responsible for their actions.

Mixed Responses to Blockchain Integration

While the statement has raised criticism, it has also earned support from notable personalities in the crypto community. Cardano’s founder, Charles Hoskinson, has recently endorsed Kennedy for the election of Bitcoin and blockchain because they are the most revolutionary things that ever happened in the world.

Through Kennedy’s accepting Bitcoin for campaign contributions and his suggestion to suspend the US dollar and use Bitcoin as a monetary alternative, he portrayed himself as an intriguing figure in the election campaign. According to Hoskinson, Kennedy has all the qualities and skills to bring about substantial changes, no matter what the election results should be.

Crypto guru and Cardano co-founder Charles Hoskinson (@IOHK_Charles) endorses RFK Jr., saying he’s the best person to back this November.

#KennedyShanahan24 pic.twitter.com/a0taHwr0cD

— Robert F. Kennedy Jr (@RobertKennedyJr) April 17, 2024

Apart from Kennedy’s policy offering, the blockchain idea has generated discourse among American people and crypto-exchange traders. In addition, several people in the crypto circle approve of this initiative as an innovative and effective way to fight corruption. Still, critics have also voiced some concerns, stating that the blockchain will not in any way help the US budget.

Blockchains are only good for verifying bitcoin’s ledger. They are very poor at doing anything else.

The budget is something that exists in the real world. You can’t relay data from the real world onto blockchain trustlessly.

— Pledditor (@Pledditor) April 22, 2024

A possible interpretation is that his interest in blockchain merely implies support for a central bank digital currency, which is contrary to what he has previously advocated against. Kennedy has argued that CBDCs could threaten privacy, and governments could use these digital coins to track people’s transactions.

Kennedy’s suggestion indicates the wider adoption of blockchain technology introduction for governments worldwide. Portugal and Singapore are some of the countries that have started using blockchain for many public services and economic projects, showing that the potential of blockchain is being realized. Nonetheless, the effects of blockchain integration in the government’s functions go above transparency and accountability, changing the regulatory frameworks and economic policies.

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Filed under: Bitcoin - @ April 23, 2024 11:25 am