Elon Musk's DOGE is considering blockchain adoption in gov't efficiency push: Bloomberg
Quick Take Elon Musk and representatives of the Department of Government Efficiency, which Musk leads, have reportedly spoken with blockchain providers while exploring options for putting federal government systems on-chain, according to a Bloomberg report. Possible use cases include tracking federal spending, managing buildings, and making payments, though talks still appear to be in early stages.
Elon Musk, who currently leads the recently-created Department of Government Efficiency (DOGE), is reportedly exploring the use of blockchain networks in his push to cut federal spending.
Musk, who appears to be the sole head of the agency , has reportedly discussed using a blockchain ledger to track government spending, secure data, and make payments, according to a recent report from Bloomberg .
In addition, the report claims, DOGE affiliates have met with various public blockchain projects in order to evaluate their technology. No specific blockchain networks were mentioned, though Trump and Melania's memecoins were both launched on the Solana blockchain last weekend.
DOGE's actions thus far have largely been behind-the-scenes. According to a Wall Street Journal report , DOGE's staff exchanges messages using Signal, the encrypted messaging app, helping the organization to operate largely in secret. Vivek Ramaswamy, who was initially announced as the co-leader of the project along with Musk, has reportedly departed in recent days in preparation to announce a run for Governor of Ohio.
In May of 2024, Musk denied a Bloomberg report that claimed Musk was counseling Trump on crypto matters with a post on X. "Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do," Musk wrote .
"All governments should track all their spending on the blockchain, an immutable public ledger," Binance founder Chengpeng "CZ" Zhao wrote on X Saturday in a likely reference to the report. "It's called 'public spending' for a reason."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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