📍Budgets on the Blockchain: Tokenising the Currency of Government It is estimated ...

The BBA / The British Blockchain Association

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2024-11-26 09:30:34

📍Budgets on the Blockchain: Tokenising the Currency of Government

It is estimated that 2–5 per cent of the world’s GDP - approximately $1.5 – $2.6 trillion - is lost through lack of transparency of public spending and corruption in public services.

This results in fiscal leakages at multiple points as funds flow into, through and out of the public sector.

Enhancing financial transparency via #Blockchain by improving public budget literacy and providing opportunities for real-time tracking of #public spending will improve government efficiency and rebuild #Trust in government services.

A Gov-scan Blockchain explorer will enable:

✅ The Development of Auditable Public-Expenditure and Procurement Networks
✅ Minimise the Cost of Misuse of Funds for Taxpayers
✅Open Data 1.0: Online Contracting and Data Portals
✅ Open Data 2.0: All Data Go On-Chain
✅ Tokenising design for Public expenditures

https://institute.global/insights/tech-and-digitalisation/budgets-blockchain-maximally-transparent-transactions

#Budget #Blockchain #Government #Web3 #PublicServices #Procurement #Tokenisation

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npub1h6s2fyu5f08v9066ux4n8urs84mu2mngz6d5fntju9nwrfta0ywqcc3jtk

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Published at

2024-11-26 09:30:34

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