Elon Musk investigates use of Blockchain technology at the Department of Government Efficiency (Doge), Bloomberg reported Saturday, with reference to sources that are familiar with the case.
Musk, now the only leader of the initiative after the departure of Vivek Ramaswamy, reportedly discussed the possibility of using Blockchain’s distributed ledger technology to improve the efficiency of the government and reduce expenditure.
Potential applications that are considered include following federal expenditures more effectively, strengthening data security measures, streamlining payment systems and even optimizing the management of government buildings. Sources indicate that representatives of Doge have evaluated the technical merits of various public blockchain platforms for these applications, in which they have made discussions about how blockchain could be implemented in various government processes.
The discussions correspond to the crypto-friendly policy of President Donald Trump. Trump recently signed an executive order that a working group for digital assets set up consisting of important administration officers.
Doge, made by Trump’s executive order of January 20, is responsible for modernizing federal technology and software to improve the efficiency and productivity of the government.
Musk collected around 100 volunteers before Trump’s inauguration to write code for his projects, according to a person who is familiar with the issue. The Blockchain initiative would be one of different technological tools that the Musk team could use to lower costs and eliminate wasting expenses, fraud and abuse.
Some important institutions have already adopted public block chains. BlackRock has issued a money market fund on several crypto-grandbooks. If implemented, the Blockchain initiative of Doge would probably be the largest blockchain project of the government in American history.