Elon Musk would have planned to use blockchain technology at Government Department of Effectiveness (DOGE).
Musk, head of the newly created agency, launched the idea of using a large digital book to reduce government spending, Bloomberg News reported Saturday 25 January), citing sources familiar with the question.
Discussions involved the use of A blockchain to monitor federal expenses, make payments, secure data and manage government buildings, according to sources. A source told Bloomberg that people connected to Doge had met representatives of public blockchains to assess their technology.
Created last week in the middle of the burst of the decrees of President Trump, Doge’s goal is Update software and federal technology to stimulate efficiency and productivity within the federal government. The group should make its recommendations for cuts by July 4, 2026.
The group’s efforts arise while Trump has established pro-Crypto-Monnaie policies. Thursday, January 23, he published a decree creating the presidential working group on the digital asset markets. This group will explore the creation of a “Storage of national digital assets, “ Perhaps made from crypto seized by the police.
“Basically, the order indicates a change in the approach of the federal government to blockchain technology, the stabbed And The wider digital asset ecosystem, emphasizing innovation, regulatory clarity And Competitive positioning, ”Pymnts wrote last week.
“For the payment industry, this policy represents both a Opportunity and a challengeRemode how financial technology is ready to evolve in the United States ”
In other blockchain news, Pymnts wrote last week on the importance of privacy in scaling technology In the financial services sector.
Pymnts Intelligence research has revealed that Blockchain technology offers a number of Potential advantages to tackle the unique needs of regulated industries, Finance included.
“While more and more banks incorporate blockchain capabilities, customers will have greater choice In value transfer, ” FV Bank CEO Miles Paschini said Pymnts this month. “We open the path for a future where blockchain is only another payment rail.”
But Without robust confidentiality mechanisms, the adoption of blockchain in financial services could be confined in cases of niche use where strict data protection is not necessary.
“In the end, the relationship between Blockchain and traditional financing illustrates the broader tension between innovation and regulations, ”wrote Pymnt.
“By embracing this paradox and investing in privacy preservation technologies, collaborative executives And Regulatory clarity, the financial industry can transform the transparency of the blockchain of a challenge to a competitive advantage. »»
