By
Kseniia Klichova
May 3rd, 2024
The proposed system aims to curb corruption and prevent the misappropriation of funds by granting the public direct access to every budget item.
The United States Presidential candidate Robert F. Kennedy Jr. also known as RFK Jr, has unveiled a radical proposal to place the entire United States budget on the blockchain if elected as the nation’s leader. This idea was announced during Kennedy’s recent campaign rally in Michigan in April 2021.
RFK Jr, vision centers around using blockchain technology to promote transparency and accountability in managing the country’s finances. Through the use of a decentralized and unchangeable digital record, every American citizen would have the power to examine and track how their taxes are spent at any time, day or night.
Kennedy during his campaign rally revealed:
“We’re gonna have 300 million eyeballs on our budget!”
He also emphasized the potential for widespread citizen engagement and oversight in monitoring government spending.
The proposed system aims to curb corruption and prevent the misappropriation of funds by granting the public direct access to every budget item. Kennedy further revealed the potential impact, stating that if an individual is found spending huge amounts on unnecessary items, such as “$16,000 for a toilet seat”, the public would be able to identify and address such wasteful public office holders.
Divided Opinions on the Feasibility of Blockchain for Government Budgets
This innovative approach has sparked diverse opinions, with supporters and blockchain enthusiasts praising the move as a step towards true transparency and accountability in government spending. An X user named Alan Myron stated that this news is a good reason for him to vote for Kenedy as the next President of the United States. On the other hand, skeptics have raised concerns about the feasibility and limitations of implementing blockchain technology on such a large scale.
One of the critics on X Pledditor, who has over 19 thousand followers, argues that blockchains are mainly created to verify cryptocurrency transactions and may not be suitable for managing complex real-world data, such as government budgets. He asserts that transferring data from the physical world onto a blockchain could pose a major challenge. As he stated:
“Blockchains are only good for verifying bitcoin’s ledger. They are very poor at doing anything else.”
RFK Jr Love for Blockchain and Cryptocurrencies
Kennedy’s affinity for blockchain technology and digital assets extends beyond this proposal. He has distinguished himself as the first presidential candidate to accept Bitcoin donations for his campaign, further solidifying his commitment to embracing emerging technologies. Moreover, he has revealed plans to back the US dollar with Bitcoin if elected, a move that would potentially improve the nation’s financial system.
Robert’s stance on blockchain and cryptocurrencies has garnered support from prominent figures in the crypto community, such as Charles Hoskinson, the co-founder of Cardano. Hoskinson has been vocal in his endorsement of Kennedy, believing he represents a refreshing alternative to the status quo and the best choice for voters in the upcoming presidential election.
The concept of allocating the entire budget to blockchain shows the growing interest in the technology. Some countries, like Portugal, have employed blockchain technology in public services, healthcare, and supply chain management. Singapore’s government has also continued to invest in blockchain research and development. In fact, the country has grown to become a major hub for initial coin offerings (ICOs), making it a favored destination for blockchain businesses.
However, what remains to be seen is if Kennedy’s decision to place the budget on the blockchain would affect cryptocurrency regulation in the country, especially as the nation continues to grapple with legal actions around the industry.