A cost-cutting initiative by billionaire Elon Musk's Department of Government Efficiency is reportedly considering the benefits of using public blockchains to bring transparency and other benefits to government operations and costs.
Bloomberg reports that Musk's DOGE agency will hold talks with representatives of several existing public blockchains.
No specific chain was mentioned in the report, although Bloomberg reports that DOGE wants to use a blockchain-immutable, public ledger to manage government spending and payments, manage data and possibly “manage buildings” in the eyes of the US government. .
DOGE—an acronym that appears to share a token with Musk's favorite cryptocurrency, Dogecoin—was discussed during President Donald Trump's campaign and then announced following his November election victory. Musk was supposed to run the effort alongside Vivek Ramaswamy, but the late billionaire and bitcoin enthusiast left this week for an apparent run at Ohio governor.
Musk said the DOGE aims to cut $2 trillion from the federal government through a combination of budget cuts and layoffs, though he has since backtracked and said it could be $1 trillion more.
In a letter to Musk this week, Senator Elizabeth Warren described DOGE as a “place of corruption” and proposed $2 trillion in spending cuts that would not affect essential programs or raise taxes on middle-class Americans.
Musk is a fan of Dogecoin, Trump has launched NFTs on Ethereum's consolidation network Polygon as well as Bitcoin and last week launched an official meme coin on Solana. However, there is no word yet on which chain or chains will be used by the DOGE blockchain initiative.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
