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Elon Musk Eyes Blockchain to Curb US Federal Spending: Report

Elon Musk Eyes Blockchain to Curb US Federal Spending: Report

Blockchain for Budget Transparency Elon Musk, at the helm of DOGE-the Department of Government Efficiency-is considering blockchain for an overhaul in the way the US government functions. Ambitious as this sounds, tracking and reduction of federal spending, transparency, and accountability at every level of government are what need to be ensured. According to Bloomberg , DOGE is researching how blockchain can better protect data, make payments, and manage state-owned properties. Officials in DOGE have already met with representatives of public, permissionless blockchain networks to discuss possible applications within federal systems. This initiative aligns with Musk’s broader vision to cut $1 trillion to $6.5 trillion from the annual federal budget. Using technology to root out inefficiencies, he wishes to balance the budget while eliminating all kinds of wasteful spending. Transparency: A Common Goal Blockchain being used to improve government transparency is hardly a new idea. Back last April 2024, former presidential candidate Robert F. Kennedy Jr. had one pretty audacious proposal: putting the whole federal budget on a blockchain. “Every American can look at every budget item anytime they want,” he emphasized during a rally in Michigan. “If somebody is spending $16,000 on a toilet seat, everybody will know.”. The idea put forth by Kennedy immediately drew loud cheers from small government and fiscal conservatives alike, who have long maintained that a lack of transparency has allowed wasteful spending to spiral out of control. The fact that Musk has now adopted similar principles under DOGE marks an important step toward making that vision a reality. DOGE’s First Steps The website of the DOGE went live on January 21, marking the time when it became operational. Interestingly, the department used the popular Dogecoin as an emblem. That bold move stirred the crypto market, where the price of Dogecoin surged by 11% to $0.38. Early efforts within the department heavily involved the presidential candidate and DOGE co-founder himself, Vivek Ramaswamy, though he said January 20 he would step away to focus on a gubernatorial run for Ohio. “Confident Elon + his team will get the job done of streamlining government,” Ramaswamy wrote on X in the same message where he declared his exit. It means that, with Musk on the cockpit, the DOGE envisions drastic drives in the pattern of spending and functioning of government machinery with a little help from blockchain technology.

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