Elon Musk DOGE Eyes Blockchain—A New Dawn for the Industry?

- Elon Musk’s Department of Government Efficiency (DOGE) Considering Blockchain Implementation - DOGE Adjusts Original $2 Trillion Budget Reduction Target to $1 Trillion [Unblock Media] According to a recent Bloomberg report, it has been revealed that Elon Musk, leading the Department of Government Efficiency (DOGE), is considering the implementation of public blockchain technology. The department is closely examining blockchain technology, which provides a transparent and immutable ledger, to enhance transparency in government operations and maximize cost-saving effects. By leveraging the core characteristics of blockchain, which makes transaction records fully transparent and unalterable, it is anticipated that corruption can be prevented and efficient expenditure management can be achieved, garnering significant attention. Musk's DOGE initially aimed to cut the federal government's budget by $2 trillion, but the plan has recently been adjusted to $1 trillion. DOGE was first mentioned during President Trump's election campaign and was officially launched thereafter. Vivek Ramaswamy, who was slated to be a key advisor in running DOGE, has recently exited the project to prepare for a gubernatorial run, but Musk has shown a strong commitment to actively managing and advancing DOGE through X (formerly Twitter). This project is exploring a wide range of applicability, including government expenditure monitoring, payment processing, data management, and the operation of government buildings. Senator Elizabeth Warren addressed potential impacts and possible corruption risks of implementing blockchain in public programs by sending an official letter to Musk. Emphasizing the need to strengthen the transparency and accountability of government operations, Warren stressed that the DOGE project should aim to enhance and complement public services, not just focus on cost reductions. She urged Musk to reveal a detailed plan on how the budget cuts could be achieved without raising taxes on the middle class. The public blockchain considered under the DOGE project is expected to minimize negative elements and waste within the government by transparently disclosing the management and expenditure of government assets to the public. Due to the inherent immutability of blockchain records, corruption during budget execution can be curbed, and citizens can verify how and where the government spends money. Musk has repeatedly expressed his intent to enhance overall government efficiency and secure public trust through increased transparency. The specific blockchain for the DOGE project has not yet been decided. President Trump recently launched his meme coin on the Solana network, while Musk is widely known as an enthusiastic supporter of Dogecoin. However, for a government project, various factors such as transaction processing speed, security, scalability, and fee structures need to be comprehensively considered. Ethereum is the most active in terms of smart contracts and decentralized finance projects, Solana boasts high processing speed and low transaction fees, and Polkadot is noted for its technical flexibility by enhancing interoperability between multiple blockchains and supporting various sub-chains. If the DOGE project of the Department of Government Efficiency successfully takes root, it may herald a revolutionary change in government operations using public blockchain. This could increase efficiency in administrative tasks such as tax collection and distribution, government contracts and payments, and public data storage and access management. On the other hand, concerns regarding indiscriminate budget cuts or the reduction of public programs persist, so it remains to be seen what actual effectiveness the DOGE project will achieve. All eyes are on the final blockchain technology Musk will choose and how much this technology will improve government spending and operational efficiency.