Elon Musk is reportedly exploring the application of blockchain technology to enhance government efficiency through his proposed Department of Government Efficiency (DOGE). He has met with representatives of public blockchains to discuss using distributed digital ledgers for various government functions, sparking questions about the potential global impact of such a move. Experts suggest that implementing blockchain could streamline processes in several US agencies, improve spending transparency, enhance data security, and optimize payments, particularly in the Department of Defense and the IRS. Ernst & Young has already developed tools for public finance management using blockchain, which have yielded significant cost savings. While various countries have already adopted national blockchain initiatives, the US has been slower to embrace these technologies in government functions. The potential gains are significant, as a lack of transparency in public spending costs around $1.5 trillion to $2.6 trillion globally each year. As Musk continues to explore these opportunities, the global blockchain movement could experience transformative shifts if the US government successfully integrates blockchain into its operations.

Source 🔗