Elon Musk is allegedly looking into using blockchain technology in the new Department of Government Efficiency (DOGE), a department launched by President Donald Trump to help cut government spending and make the federal government more competent with new modern technologies. Though there have been no public announcements thus far, if true, the move signals the Trump administration’s further embrace of cryptocurrency and strengthening of the digital asset sector.
Investopedia defines blockchain technology as “a decentralized digital ledger that securely stores records across a network of computers in a way that is transparent, immutable, and resistant to tampering. Each “block” contains data, and blocks are linked in a chronological “chain.”“
Bloomberg was the first to report on this possible development, noting that “If DOGE pursued the technology it would likely dwarf any government project seen in the US to date.”
Bloomberg reported (excerpts):
Musk, who heads the DOGE effort, has mused to close allies about the idea of using a digital ledger as a way to squeeze costs out of the government, said one of the people, who asked for anonymity because the discussions haven’t been made public. There’s been talk of using a blockchain to track federal spending, secure data, make payments and even manage buildings, the people said.
People affiliated with DOGE have met with representatives of various public blockchains to evaluate their technology, a person with knowledge of the conversations said.
[…] President Donald Trump has also been quickly putting in place cryptocurrency-friendly policies. […] He signed an executive order establishing a working group on digital assets that includes key members of his administration.
Musk enlisted about 100 volunteers before Trump was inaugurated to write code for his projects, one person said.
The idea of using a blockchain for large-scale projects isn’t new, though applying one to an enterprise as large as the US government remains an untested concept. Years ago, a slew of large companies such as retailer Walmart Inc. launched blockchain efforts. Most of these projects used private blockchains that didn’t make transactions publicly viewable.
Often run by consortia, most of those blockchain efforts were hard to govern and stalled. Many also discovered that blockchains weren’t necessarily less expensive or more efficient than existing database technology. Back in 2019, Gartner predicted that “90% of current enterprise blockchain platform implementations will require replacement by 2021” to remain competitive and secure.
Sam Hammond, the chief economist at the Foundation for American Innovation, said that “an internal government blockchain could be used to track spending, documents and contracts in a way that’s fully secure and transparent.”
But, Hammond added, “the question is whether you really need a blockchain to do that, since conventional databases can be used in a similar way and with fewer downsides.”
Read the rest of the report for free on Substack:
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