Elon Musk, President Donald Trump’s pick to lead the new Administration for Government Efficiency, has suggested using blockchain technology as part of the process. Bloomberg I mentioned.
Musk suggested that using a digital ledger would be a cost-effective way to track federal spending, secure data, make payments and manage buildings, according to people familiar with the matter.
Several public blockchain representatives met with DOGE affiliates, the people said.
The department was created in response to the federal government’s $6.7 trillion in spending in fiscal year 2024, which Musk announced in October. It’s called “lost” money.. The administration — whose acronym refers to Musk’s favorite cryptocurrency, Dogecoin (DOGE) — promised to reduce the number to $2 trillion at most.
Given the department’s name and Trump’s determination to institute cryptocurrency-friendly policies in the United States, Musk’s plan to incorporate blockchain technology comes as no surprise.
In addition to creating DOGE on January 20, Trump signed an executive order creating DOGE Establish a working group on digital assets Led by venture capitalist David Sachs with a mandate to define all regulations currently touching cryptocurrencies within 30 days, among other things.
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