Musk exploring blockchain use to curb US government spending: report

Blockchain Technology Set to Enhance US Government Operations

Elon Musk, head of the newly established Department of Government Efficiency (DOGE), is exploring the implementation of blockchain technology across US government functions. This initiative aims to enhance tracking and reduce federal spending.

According to Bloomberg, the DOGE also plans to leverage blockchain for data security, payment processing, and building management. Consultations with representatives from permissionless blockchain networks have been conducted to discuss potential applications within government operations.

This initiative aligns with Musk's broader objective of optimizing federal spending and promoting transparency through accountability.

Blockchain and Government Transparency

Musk's efforts to utilize blockchain for greater transparency are not a novel concept in US politics. In 2024, former presidential candidate Robert F. Kennedy Jr. advocated for placing the entire federal budget on a blockchain. He emphasized:

"Every American can access every budget item, anytime, making government spending subject to 300 million watchful eyes."

Kennedy's proposal received support from advocates of limited government and sound fiscal practices, citing concerns over excessive government spending.

DOGE Takes Initial Steps

The Department of Government Efficiency launched its website on January 21, adopting the memecoin Dogecoin's (DOGE) logo. Following the launch, Dogecoin's price experienced an approximate 11% increase.

In related news, DOGE co-founder Vivek Ramaswamy announced his departure from the project to pursue a gubernatorial run in Ohio. Ramaswamy expressed confidence in Elon Musk's leadership and the potential of DOGE to improve government efficiency.