It would have been a better joke if the author had pointed that that if it's controlled by the Federal Reserve, you don't need a proof of work distributed blockchain and you could simply allow all parties to connect to the Fed in some kind of Automated Clearing House network.

This hypothetical system would allow debits and credits to be settled electronically at very low transaction costs and could be scaled to billions of transactions, and anyone could participate in such a system by spending 10 minutes and opening a free "checking account" at a local credit union.