While I'm still going to stand for my previous statement in this thread, I think you actually need blockchain(unless there's a different solution I'm not aware of) to have true transparency. Yes, public reporting could happen, but how to we know if they're faking it to some extent? Whereas with blockchain, we can make the verifications ourselves.
And what verifications can you make other than what the government is telling you in public reporting?
It's them who are going to insert all that data, it's them who are going to make all the transactions, it's not like they magically take one hundred billion and stash them into their accounts directly and you'll be able to trace that with the blockchain. If they are faking reports they can easily fake transactions in a chain too, it's the same, some numbers are written in an accounting book, no matter what form this might take.
Besides, the strong point of the blockchain is not transparency is the immutability, and that can be easily achieved with any distributed database. You can see that the only real-life usages of blockchain technology that have actually been implemented are aimed at private companies internal settlements, no transparency, no public, no tokens.
