US Treasury Transactions Now Looking at Blockchain Technology With Urging From Musk

Elon Musk, head of the newly formed Department of Government Efficiency (DOGE), has proposed integrating blockchain technology into US Treasury transactions.

Key Takeaways: – Elon Musk suggests using blockchain to improve transparency, security, and efficiency in US Treasury transactions. – While blockchain leaders support the idea, it is uncertain whether an existing blockchain or a new system will be developed.

Musk’s suggestion aims to enhance transparency, track federal spending, and improve security in US Treasury transactions.

Musk, known for his outspoken views on technology and governance, has been vocal about inefficiencies within the Treasury Department. In a recent post on X, he alleged that long-term officials within the department frequently violated regulations.

According to Bloomberg, Musk recently held talks on using blockchain to reduce government expenditures. Last week, The New York Times reported that former Treasury Secretary Scott Bessent granted DOGE access to the payment infrastructure responsible for distributing $5 trillion annually across federal agencies.

Unnamed sources told Forbes that DOGE is considering blockchain for various applications, including payment processing, data security, and asset management.

However, it remains unclear whether Musk intends to utilize an existing blockchain—such as Bitcoin, Ethereum, or Dogecoin—or develop a custom government-specific network. The latter option could become a task for Trump’s crypto task force, which is already evaluating digital asset reserves.

While Musk’s assertions regarding misconduct within the Treasury remain unverified, his blockchain proposal has drawn interest from the tech sector. Cardano Blockchain CEO Charles Hoskinson expressed support for the idea, indicating a broader industry enthusiasm for government adoption of blockchain solutions.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.