How Elon Musk’s support for a blockchain-based US Treasury could transform public spending | Future Focus
On this episode of Yahoo Finance Future Focus, our host Brian McGleenon spoke with Symphony CPO Mike Lynch about Elon Musk’s recent endorsement of using blockchain for US Treasury spending. The idea has ignited debate over the potential for blockchain technology to increase transparency and reduce fraud. In a discussion with Lynch, the challenges and benefits of implementing such a system were explored. While blockchain offers transparency, security concerns, logistical hurdles, and public perception issues remain significant obstacles. Lynch highlighted the need for a proprietary blockchain, rather than a public one such as Ethereum or cardano, due to security risks, as well as the looming threat of quantum computing on encryption. Though ambitious, Musk's endorsement of the idea is stirring important conversations about government financial transparency.