So far I think the first step has failed spectacularly a few times, let alone any follow up. I'm not saying the above is necessarily impossible, but at this point I've acquired an instant gag reflex when I hear blockchain. I'm not sure if that's a healthy approach for me, but it's true.

Why does it have to be a blockchain instead of a government-mandated nonprofit (e.g. FedNow) to operate it? Wouldn't that have more oversight and less chances of massive fraud?