Outside Source
Elon Musk has previously stated that he wants to cut $1 trillion to $6.5 trillion in annual federal spending to help balance the budget.
News
Elon Musk, the head of the Department of Government Efficiency (DOGE), is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending.
According to Bloomberg, the DOGE is also looking at using blockchain to secure data, make payments, and manage buildings as part of the DOGE’s efficiency push.
Personnel from the newly commissioned non-government department have also met with representatives from public permissionless blockchain networks to consult about potential use by the US government.
The initiative is part of Musk’s broader goal of eliminating trillions of dollars from the annual federal budget and ensuring government accountability through transparency.
US government spending vs. tax revenue. Source: Charlie Bilello
Related: Elon Musk-led ‘DOGE’ set to be sued after Trump’s inauguration
Blockchain to force government transparency?
Musk’s push to use blockchain technology to force government transparency is not a new idea in US politics.
In April 2024, former Presidential candidate Robert F. Kennedy Jr. said he wanted to put the entire federal budget onchain. The politician told an audience at a Michigan rally:
“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We are going to have 300 million eyeballs on our budget. If somebody is spending $16,000 for a toilet seat, everybody will know about it.”
Kennedy’s proposal was met with widespread support from small government and sound money advocates, who argued that US government spending was out of control.
US national debt clock. Source: US Debt Clock
Department of Government Efficiency takes first steps
The Department of Government Efficiency launched its website on Jan. 21 and officially adopted the DOGE logo used by the world’s first memecoin, Dogecoin (DOGE).
Following the website’s launch, the price of Dogecoin rallied by approximately 11% to $0.38.
On Jan. 20, former Presidential candidate, entrepreneur, and DOGE co-founder Vivek Ramaswamy announced he was stepping away from the project to focus on running for governor of Ohio.
“I’m confident that Elon and his team will succeed in streamlining government,” Ramaswamy wrote in an X post, hinting at his plans to run for office in an official capacity.
Magazine: How crypto laws are changing across the world in 2025
This article first appeared at Cointelegraph.com News
