4 ms·

So many people miss the point of blockchains that they forget that there is an actual utility for immutable ledgers, that is, to make sure funds (e.g. taxes) go

So many people miss the point of blockchains that they forget that there is an actual utility for immutable ledgers, that is, to make sure funds (e.g. taxes) go to the places that they are claimed to be going to. Right now we pay our taxes and that's that - we don't even have a way to confirm that it is going to the extremely bloated military-industrial complex in the way the budget is written. Will the government ever allow something like that? Most likely not, but it doesn't mean that having complete traceability for funds is a bad idea at its core.

Bajeezus 4y ago
"Will the government ever allow something like that?" It's not that they won't allow it, its that its largely useless. The dollar is fungible. Who cares if a dollar spent on a new M1 Abrams was "your dollar", its identical to everyone else's dollar, so everyone else's dollar could have substituted yours. What benefit would knowing that possibly provide?
- jyturley 4y ago
  OP is not talking about fungibility, but accountability. Web3 technology can provide transparency to see and verify that money is allocated in all the ways the entity said it would.
  - warkdarrior 4y ago
    Transparency of the blockchain is only a temporary flaw. Better solutions exist (Monero, Zcash) or are being actively developed (Zk Rollups).
  - Barrin92 4y ago
    that transparency at best tells you what wallet received what funds, whoever owns or trades that wallet or what happens with resources in the real world using those funds is outside of the scope of web3 technology or for that matter any technology safe for surveillance.