The distinction is that the record is freely accessible to all individuals in the framework, making it difficult to adjust records without being recognized. This implies individuals can assume that money related records are totally exact without relying on a reliable outsider like a bank, a legislature or an application to affirm it.
Yes, it's very transparent and reliable. Several countries have their "transparency portals", where people access the records of their public administrations online. It's good and useful, but a system like Blockchain would bring much more reliability and transparency to the citizens.
I also like the idea because an adoption like that would cut worthless expenses on the public administrations. Less employees would be needed, so more money could be used for what really matters and isn't having enough budget at this time because there isn't enough money to sustain a heavy payroll and to attend the basic sectors of society at same time.