According to reports, Elon Musk’s Department of Government Efficiency is considering using a public Blockchain to increase transparency in government spending and operations.
That's according to Bloomberg, which reported Saturday that Musk's DOGE agency is holding conversations with representatives from multiple existing public blockchains, according to sources close to the conversations.
In the report it is not mentioned which chains they are. Bloomberg reports that DOGE is keen on using a blockchain—an immutable, public ledger—to monitor government spending and handle payments, handle data, and perhaps even "manage buildings" under the U.S. government's purview.
DOGE—which appears to share its acronym with the ticker of Musk's favorite cryptocurrency, Dogecoin—was discussed on President Donald Trump's campaign trail and then made official following his November election win. Musk had been supposed to lead the initiative with Vivek Raaswamy. However, the billionaire Bitcoin supporter left the team this week and is reportedly running for Ohio Governor.
Musk claimed that DOGE was aiming to reduce the federal budget by $2 trillion through a mix of cuts in spending and layoffs. However, he later backedtracked saying it’s more likely $1 trillion.
In a recent letter, Elizabeth Warren told Musk that the DOGE stock appears to be an investment. "venue for corruption," and suggested $2 trillion worth of spending cuts that wouldn't impact essential programs or raise taxes for middle-class Americans.
Musk has been a vocal supporter of Dogecoin. Trump, meanwhile, launched NFTs on the Ethereum scaling network Polygon, as well as Bitcoin. He also debuted last week his official meme currency, Solana. However, there's no word yet on which chain or chains might be used in the potential DOGE blockchain initiative.