Elon Musk’s DOGE Pushes for Blockchain Transparency in U.S. Government Spending
09.02.2025 17:00 2 min. read Kosta Gushterov SHARE: 0 SHARES Elon Musk’s Department of Government Efficiency (DOGE) has made notable strides in reducing U.S. government spending, saving taxpayers an impressive $36.7 billion. This initiative is a small part of Musk’s broader ambition to slash federal expenses by up to $2 trillion. Musk’s vision, which he revealed during a January interview, has sparked discussions about improving financial transparency using blockchain technology. The push for increased government transparency has gained support from figures like Brian Armstrong, CEO of Coinbase. Armstrong highlighted the potential for blockchain’s transparent, public ledger system to reshape how government spending is tracked. By making all transactions visible in real time, blockchain could drastically improve audit processes and accountability. Armstrong suggested that the ability to view these transactions on-chain would bring much-needed clarity to the public. DOGE’s progress isn’t stopping at financial savings; it has also uncovered a $100 billion loophole in government spending. This loophole involves entitlement payments being issued to individuals lacking proper identification, raising concerns about fraud. Musk’s team believes that at least half of these payments could be fraudulent, potentially wasting $50 billion annually. As part of its efforts to address this, DOGE has proposed stricter tracking measures, including mandatory categorization codes for payments and more frequent updates to government fraud lists. Jean Rausis, co-founder of Smardex, emphasized that implementing blockchain for the U.S. Treasury could revolutionize the financial system, positioning the country as a global leader in blockchain innovation. He noted that a decentralized, permissionless system would ensure true transparency, something that centralized approaches fail to provide. Since its launch on January 21, DOGE has already saved billions, with its official goal set for July 2026, when the project aims to deliver a more efficient government. With reforms on the horizon, the potential impact of Musk’s agency could be transformative for both the public sector and the broader crypto space. SHARE: 0 SHARES More Blockchain News Ondo Finance’s New Blockchain Targets Bridging TradFi and DeFi At the Ondo Summit, Ondo Finance introduced its Layer-1 blockchain, Ondo Chain, aiming to address the challenges of tokenizing Real World Assets (RWAs). 07.02.2025 19:00 1 min. read Alexander Zdravkov Sony’s Blockchain Platform Launches Music NFT Collection Soneium, Sony’s blockchain platform, has teamed up with Coop Records to launch its inaugural music NFT collection. 07.02.2025 17:00 1 min. read Kosta Gushterov Ondo Finance Launches Blockchain-Based Platform to Tokenize US Securities Ondo Finance has launched a new initiative called Ondo Global Markets (Ondo GM), focusing on bringing US securities such as stocks, bonds, and ETFs onto the blockchain. 06.02.2025 12:30 1 min. read Kosta Gushterov Two Crypto Projects Offer Blockchain Solutions for Elon Musk’s DOGE Elon Musk is diving deeper into his role within the new U.S. administration, working closely with Donald Trump, while considering blockchain technology for his leadership of the Department of Government Efficiency (DOGE). 06.02.2025 11:30 1 min. read Alexander Zdravkov QR for the Bitcoin/Ethereum Address: QR for the Bitcoin/Ethereum Address: