Elon Musk, chosen by President Donald Trump to direct the new government efficiency department, proposed to use blockchain technology as part of the operation, Bloomberg reported.
Musk suggested that using a digital accounting book would be a profitable way to track federal expenditure, protect data, make payments and administer buildings, according to people familiar with the matter.
Several representatives of public blockchains have met with Doge affiliates, people said.
The department was created in response to the federal government spending of 6.7 billion dollars in fiscal year 2024, which Musk described in October as “wasted money.” He promised that the department, whose acronym is a wink to the favorite cryptocurrency of Musk, Dogecoin (Doge), would reduce the figure to a maximum of 2 billion dollars.
Given the name of the department and determination of Trump to establish favorable policies to cryptocurrencies in the US, Musk’s plan to incorporate Blockchain technology is not a surprise.
In addition to creating Doge on January 20, Trump signed an executive order to create a working group on digital assets led by risk capitalist David Sacks with the mandate to identify all regulations that currently affect cryptocurrencies within 30 days, among other things.
