The more I learn about what the crypto space is already accomplishing, the more of a believer I become with each passing day. We often hail crypto for its potential to disrupt traditional financial systems, but one of its most revolutionary aspects is the unprecedented level of transparency it offers. This sole reason alone should've prompted serious corporate and Government interest in the space from the get go.
Government spending is off the roof in most countries and is often shrouded in secrecy. The ability to track transactions on a public ledger could fundamentally change how we hold our leaders accountable. A prime example of this potential is the website Nayibtracker.com, which tracks El Salvador’s Bitcoin (BTC) holdings in real time. Am amazed I only found out about this yesterday. This kind of transparency is not just a novelty, it’s a glimpse into the future of government finance should the naysayers embrace it.
Most developing countries have a huge transparency and accountability problem. El Salvador that I've heaped praises upon is no exception. Yet this bold move opens the door to a new level of financial transparency. With NayibTracker, anyone can monitor the government's Bitcoin transactions, providing real-time insights into the nation's cryptocurrency reserves. This level of visibility is something traditional financial systems simply cannot, or are mostly unwilling to offer.
This might seem like asking for too much but imagine a world where all government expenditures could be tracked on the blockchain. Citizens could see exactly how their taxes are being spent. This is of course a nightmare scenario for many corrupt governments, so shouldn't the less corrup, functional systems he championing this cause?
Transparency could extend beyond just government spending. Public donations, international aid, and even election funding could be monitored with the same level of detail. We have seen glimpses with the Hive chain already, but the chain as a whole could support a much bigger platform. Imagine having a government you trust. For most of us, that reality is otherwise impossible without Blockchain intervention.
Am banking on the succes of El Salvador. My guess is that their success will spur others to adopt a more transparent framework for governance. It's high time we start moving in that direction.
