"Mike Belshe, CEO of Bitgo, proposed implementing a blockchain to curb state and federal fraud, which might account for losses reaching up to $521 billion annually."
"Belshe stated: There is a solution to all this state and federal fraud which doesn't require repealing the money: put it on a public blockchain."
"The system would hypothetically include making public disbursements to NGOs using a blockchain like Ethereum, and then publishing the transactions and addresses receiving them for general oversight."
Mike Belshe, CEO of Bitgo, suggests utilizing a public blockchain to tackle state and federal fraud, which may result in losses of $521 billion each year. He advocates for public disbursements to NGOs via a blockchain like Ethereum, with transactions made transparent for citizen oversight. This proposal emerges amid the Trump Administration's efforts to combat fraud, particularly in states governed by Democrats. The initiative aims to empower citizens to monitor fund flows and enhance accountability in financial transactions.
Read at news.bitcoin.com
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