Independent presidential candidate Robert F. Kennedy Jr. has proposed a groundbreaking use for the technology: putting the entire U.S. budget on blockchain.
During his Sunday rally in Michigan, Kennedy unveiled his plan to make government spending more transparent and accountable. “I’m going to put the entire U.S. budget on blockchain so that any American — every American can look at every budget item in the entire budget anytime they want 24 hours a day,” he stated.
The idea behind this proposal is to allow the public to have a clear view of how their tax dollars are being spent. By placing every government transaction on the blockchain, Kennedy believes that citizens would be empowered to hold their government accountable. “We’re gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it,” he said, referencing past scandals involving overpriced Pentagon purchases.
However, the task of placing the entire U.S. budget on blockchain would be an enormous undertaking. The federal budget for the 2024 fiscal year is estimated at over $6.5 trillion, encompassing countless transactions across multiple government agencies and departments. Implementing a blockchain solution that could handle this volume of data securely and efficiently would require significant investment in infrastructure and expertise.
Despite the challenges, Kennedy remains committed to using blockchain to promote government transparency. In addition to his budget proposal, he has also embraced digital assets, accepting campaign donations in Bitcoin and suggesting that if elected president, he would back the U.S. dollar with cryptocurrency.
However, Kennedy has also expressed opposition to plans for a central bank digital currency (CBDC), a stance shared by many Republicans, including former President Donald Trump. While the Federal Reserve is currently exploring the possibility of a CBDC, Chair Jerome Powell has stated that the central bank will not proceed without congressional approval.
As the 2024 presidential race heats up, Kennedy’s blockchain budget proposal sets him apart as a candidate willing to explore innovative solutions to long-standing issues of government transparency and accountability. While the feasibility of implementing such a system remains to be seen, the conversation around blockchain’s potential to revolutionize government operations is an interesting one as the technology matures and gains wider adoption.
