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Crypto

Elon Musk Said To Propose Blockchain Use At DOGE – Report

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Elon Musk, the founder of SpaceX, Tesla, and also a key figure behind President Donald Trump’s administration, is reportedly engaging in discussions about the potential implementation of blockchain technology within the newly established Department of Government Efficiency (DOGE). 

This initiative, part of Trump’s broader effort to enhance the digital asset industry, aims to leverage the advantages of blockchain for improving government operations.

Elon Musk Eyes Blockchain Solutions

Sources familiar with the talks, who requested anonymity due to the confidential nature of the discussions, indicated to news outlets such as Fortune, that Musk has expressed interest in utilizing a digital ledger to streamline government costs. 

The proposed applications of blockchain technology include tracking federal spending, securing sensitive data, processing payments, and even managing federal infrastructure.

Related Reading: KuCoin Faces $300 Million Penalty After Pleading Guilty To US Charges

The DOGE initiative, created through an executive order signed by President Donald Trump, is tasked with modernizing federal technology and software to maximize efficiency and productivity. 

The department’s name cleverly references the popular memecoin Dogecoin, a cryptocurrency that operates on its own blockchain and has garnered significant attention in recent years. 

President Trump has actively promoted cryptocurrency-friendly policies during his presidential campaing and first week in office, including the establishment of a working group on digital assets that involves key administration officials.

Musk’s engagement with the blockchain community is not new. Individuals associated with the DOGE initiative have met with representatives from various public blockchains to assess their technological capabilities. 

Concerns Under DOGE Initiative

The discussions highlight a critical aspect of Trump’s 2024 campaign, focusing on reducing wasteful spending and addressing the growing national deficit, which has been attributed to previous administration policies. 

One of Musk’s allies recently pitched several blockchain applications to Trump transition officials, emphasizing the technology’s potential to enhance data security and financial transparency.

While the concept of employing blockchain for government functions is intriguing, it poses significant challenges. Public blockchains, like those used for Bitcoin and Solana, operate on decentralized networks, raising concerns about control over data entries. 

Campbell Harvey, a finance professor at Duke University, pointed out that a government using a public blockchain could face issues related to oversight, as it would relinquish some control over its data.

Related Reading: Bitcoin Taker Order Bearish Pressure Hits Highest Level Since January 9 – Market Remains Stable For Now

Historically, many large enterprises, including Walmart, have explored blockchain technology, primarily through private ledgers. These initiatives often struggled with governance and efficiency, leading experts to question whether blockchains truly offer advantages over conventional database systems. 

Sam Hammond, chief economist at the Foundation for American Innovation, noted that while a blockchain could provide secure and transparent tracking of government spending and contracts, traditional databases might achieve similar results with fewer complications.

The DOGE initiative could represent one of the largest applications of blockchain technology attempted by any government. However, the specific blockchain technology Musk’s team might adopt remains uncertain, and there are concerns about whether these discussions will lead to actionable projects.

DOGE
The daily chart shows DOGE’s price drop. Source: DOGEUSDT on TradingView.com

At the time of writing, DOGE is trading at $0.33, which is a 6% retracement on the weekly time frame. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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