Elon Muskappointed by Donald Trump to the Department of Government Efficiency, would plan to use blockchain technologyintroduced by Bitcoin, to keep US government spending under control. The information was revealed by Bloombergciting an anonymous source.
Given that the new US administration plans to both cut spending and encourage local industry, it is possible that Musk and his colleagues will consider using an existing blockchain instead of creating their own.
The official website of the Department of Government Efficiency, whose acronym in English is DOGE, currently contains only the phrase “People voted for reforms”. Most active on X, formerly Twitter, the ministry said it was looking “visionaries with very high IQs, defenders of lean governments, willing to spend more than 80 hours a week on arduous and unglamorous cost-cutting tasks”.
Elon Musk is interested in blockchain technology to solve American financial problems
This isn’t the first time Elon Musk sees blockchain technology as a solution. In 2022, before the purchase of Twitter, the billionaire talked about creating an uncensored social network to store short messages and links.
Although this technology is more expensive than traditional databases, it could have some advantages in controlling U.S. government spending.
The first of these would be the immutabilitythat is, once a transaction was recorded, it could no longer be deleted, thus preventing corruption. Another point would be public consultationwhere anyone, including anyone outside the US, could make detailed analyzes of these movements.
Bitcoin and other cryptocurrencies are an example of how this can work.
In recent years, the The US has solved crimes that took place more than a decade ago. Furthermore, Independent investigators have helped identify criminals without asking for anything.
Given the patriotism of many Americans, it is possible that many of them will work for free to audit government accounts if they are accessible.
The big question is whether Musk’s ministry would use its own blockchain, which could be a fork of a cryptocurrency, or whether it would use an existing project.
One of the solutions would be the USDC stablecoin usageof Circle, which would meet the Donald Trump promises to promote dollar-backed stablecoins. Further on, the government could also use the Ripple (XRP), target of criticism by bitcoiners this weekto host these transactions.
This would be the opposite of a CBDCwhere the government has control over its citizens. In other words, it would be a transparent currency, in which the people could monitor and question the movements of their rulers.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.