Can blockchain provide greater transparency to the traditional public finance system to reduce fraud?
In addition to helping reduce the risk of theft from invoice fraud — allowing users to send payments with “the click of a button” rather than providing personal information — the think tank reported that with the system set up for a central bank digital currency, “the government’s financial position” could be made clear. A system updated using blockchain could provide transparency for government spending.
“While a digital currency would mesh well with this kind of system, it is certainly not a necessity,” said the report. “Many of the benefits can be achieved without changing payments rails, simply by improving the [public finance management] architecture. Governments would also be more effective at efficiently managing their cash and forecasting their future cash position.
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