The head of the newly created US federal agency that aims to cut down on unnecessary public spending is reportedly exploring the use of blockchain to boost government efficiency.
People with knowledge of the matter say billionaire and Department of Government Efficiency (DOGE) head Elon Musk is looking at leveraging blockchain technology to slash government expenses, monitor federal outlays, shield US data against bad actors, process payments and manage properties, reports Bloomberg.
[adinserter block="1"]One person familiar with the matter says that individuals associated with DOGE have had talks with representatives of more than one public blockchain to assess the viability of their projects. Another source says that Musk recruited around 100 volunteers prior to Trump’s inauguration last week to write lines of codes for DOGE.
Bloomberg says it cannot confirm its sources’ reports as the White House, DOGE and Musk himself didn’t reply to requests for comments.
Last week, the official website of DOGE uploaded an image of the face of Kabuso, the deceased Shiba Inu who inspired Dogecoin (DOGE). Kabuso’s face has been removed and replaced with the US dollar sign.
DOGE was originally co-chaired by Musk and former Republican presidential candidate Vivek Ramaswamy but Musk reportedly ousted Ramaswamy from the agency.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
