Elon Musk Proposes Blockchain Technology to Enhance Government Efficiency
Elon Musk, appointed by President Trump to head the new Department of Government Efficiency, proposed using blockchain technology to enhance government operations. Key points include:
- Blockchain could streamline tracking of federal spending, securing data, processing payments, and managing buildings.
- The department was formed following $6.7 trillion in federal spending for fiscal 2024, which Musk criticized as wasteful.
- Musk aims to reduce this spending to no more than $2 trillion.
- Discussions have occurred between public blockchain representatives and DOGE affiliates.
- Trump's recent actions include signing an executive order to establish a working group on digital assets, led by David Sacks, focusing on crypto regulations.