Outside Source
Key Takeaways
- Elon Musk is exploring blockchain technology to enhance government efficiency within the D.O.G.E initiative.
- The initiative could become the largest government blockchain project in US history.
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Elon Musk is exploring the use of blockchain technology at the Department of Government Efficiency (D.O.G.E), Bloomberg reported Saturday, citing sources familiar with the matter.
Musk, now the sole leader of the initiative following Vivek Ramaswamy’s departure, has reportedly discussed with close allies the possibility of using blockchain’s distributed ledger technology to improve government efficiency and reduce spending.
Potential applications under consideration include tracking federal expenditures more effectively, strengthening data security measures, streamlining payment systems, and even optimizing the management of government buildings.
Sources indicate that representatives from D.O.G.E have evaluated the technical merits of several public blockchain platforms for these applications, engaging in discussions about how blockchain could be implemented across various government processes.
The latest development signals a major step in the Trump administration’s push to embrace digital assets. The President on Thursday signed an executive order creating the Presidential Working Group on Digital Asset Markets.
The group, chaired by David Sacks, the White House AI & Crypto Czar, is tasked with developing federal digital asset regulations and examining the formation of a national strategic digital assets stockpile. The executive order also prohibits federal agencies from developing central bank digital currencies.
D.O.G.E, officially created by Trump’s January 20 executive order, is tasked with modernizing federal technology and software to enhance government efficiency and productivity.
Musk assembled approximately 100 volunteers before Trump’s inauguration to write code for his projects, according to one person familiar with the matter. The blockchain initiative would be among several technological tools that Musk’s team might employ to reduce costs and eliminate wasteful spending, fraud, and abuse.
Some major institutions have already adopted public blockchains. BlackRock has issued a money-market fund on multiple crypto ledgers. If implemented, DOGE’s blockchain initiative would likely be the largest government blockchain project in US history.
This is a developing story.
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This article first appeared at Crypto Briefing
