Elon Musk, the eccentric CEO of Tesla and X, is considering integrating blockchain technology into the US government. He investigates the possibilities of blockchain networks within the Department of Government Efficiency (Doge), a new government department founded by President Donald Trump.
The technology could ensure more transparency in government spending and more efficient processes. According to Bloomberg UK, Musk has had conversations with prominent leaders from the crypto community to explore blockchain integration.
Doge: An answer to the rising national debt
The establishment of Doge stems from the enormous US national debt, which is now more than $ 36.22 trillion. The high costs of the federal government contribute largely to this debt. With Doge, Trump and Musk want to focus on reducing inefficient editions and bureaucracy. Their goal is to save costs and to give taxpayers more value for money.
Which blockchain networks are being considered?
Which blockchain networks Musk is considering is yet unclear. According to Bloomberg, conversations are being held with different leaders from the crypto world, which indicates that several projects are being investigated. Doge is often associated with Dogecoin (Doge), which is not surprising in view of the corresponding abbreviation. This association has previously led to volatility in the Dogecoin race.
Possible impact on the cryptomarket
The choice to integrate blockchain networks into US government processes can have a major impact on the cryptomarket. Platforms such as Solana (SOL) or Ethereum (ETH), if they are used for government processes and transactions, could get a large adoption boost. This in turn can lead to significant price increases within the crypto sector.
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Source: https://newsbit.nl/elon-musk-onderzoekt-blockchain-technologie-voor-amerikaanse-overheid/
