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Key Takeaways Elon Musk is exploring blockchain technology to enhance government efficiency within the DOGE initiative. DOGE’s blockchain initiative could become the largest government blockchain project in US history. Elon Musk is exploring the use of blockchain technology at the Department of Government Efficiency (DOGE), Bloomberg reported Saturday, citing sources familiar with the matter. Musk, who leads the DOGE initiative, has discussed using digital ledger technology to reduce government costs with close allies. Potential applications include tracking federal spending, securing data, processing payments, and managing buildings. Representatives from DOGE have held meetings with various public blockchain platforms to evaluate their technology, according to a person with knowledge of the conversations. Representatives for the White House and DOGE didn’t respond to requests for comment, and Musk didn’t reply to an emailed inquiry. The discussions align with President Donald Trump’s crypto-friendly policies. Trump recently signed an executive order establishing a digital assets working group comprising key administration officials. DOGE, created by Trump’s January 20 executive order, is tasked with modernizing federal technology and software to enhance government efficiency and productivity. Musk assembled approximately 100 volunteers before Trump’s inauguration to write code for his projects, according to one person familiar with the matter. The blockchain initiative would be among several technological tools that Musk’s team might employ to reduce costs and eliminate wasteful spending, fraud, and abuse. Some major institutions have already adopted public blockchains. BlackRock has issued a money-market fund on multiple crypto ledgers. If implemented, DOGE’s blockchain initiative would likely be the largest government blockchain project in US history. This is a developing story. Source: https://cryptobriefing.com/blockchain-initiative-for-doge/

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Filed under: News - @ January 25, 2025 3:26 pm