Hi HODLers, Hiveans and Lions,
The DOGE is still headed by Elon Musk despite Vivek leaving the project to run to be the next Ohio Governor.
Elon Musk, the head of the Department of Government Efficiency (DOGE), is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending.
One way he is planning to do might be to share expenses of different governments on a public blockchain so that each US Citizen could just see where his tax dollars are going.
The goal is close to the "name and shame" strategy. Public entities will be very careful on where they spend their budget if this information is widely available to the public.
US Budget Deficit have spiraled out of control
Also, as interest rates have been rising, it is more and more expensive to service the debt.
“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We are going to have 300 million eyeballs on our budget. If somebody is spending $16,000 for a toilet seat, everybody will know about it.”
Thoughts
Well, maybe putting every budget item on the blockchain might be counter-productive but having access to detailed budgets of each departments to understand how they spend it will help citizens to understand how and where their taxes are being used.
Kudos to Elon if he manages to move forward with some version of this. I can tell you that politicians from both sides are not going to be happy about it.
Stay safe,