Elon Musk Proposes Blockchain to Address Donald Trump Problem

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Dogecoin Elon Musk Trump

Elon Musk, who currently heads the Department of Government Efficiency (D.O.G.E) in the Donald Trump administration, has sparked a new debate by criticizing the US Treasury Department for approving fraudulent payments and suggesting blockchain as a potential solution to its problems.

According to CryptoPotato, Musk’s criticism was sparked by concerns over the inefficiency and mismanagement within the department, which is led by Scott Bensent. Musk declared that blockchain technology could be a viable option to address these issues.

Elon Musk Proposes Blockchain to Address US Treasury Department’s Issues

The controversy began on February 2nd when Musk claimed that officials at the US Treasury Department were violating the law around the clock by approving unauthorized and illegal payments. He had previously, without providing evidence, alleged that these officials were obligated to approve payments even for known fraudulent and terrorist groups. His comments quickly caught the attention of crypto market analyst Mario Naval, who then asked:

Should the Treasury Department transition to blockchain to prevent such incidents?

Musk responded with a decisive “Yes!” This endorsement has ignited new discussions about whether distributed ledger technology could help optimize federal government processes.

Advocates and Their Arguments

Supporters of this idea argue that moving Treasury transactions to blockchain would create an immutable and real-time record of every dollar spent. They suggest that this level of transparency could help eliminate backdoor deals, improper budget allocations, and covert payments.

Naval further explained that the Treasury Department conducts transactions worth trillions of dollars daily, yet its systems remain opaque and inefficient, facilitating fraud and mismanagement. He claimed that on-chain transactions could create an anti-fraud system, preventing off-system transactions and the loss of funds.

Lindsay Post, a podcast host, highlighted Ukraine’s Transparent Network as a real-world example of using blockchain in government finance. She pointed out that this system tracks reconstruction funds and helps combat the approximately 40% of aid lost to corruption.

Skepticism and Challenges

Others have expressed similar views. For instance, a user named Kenny mentioned that real-time tracking of funds could revolutionize large financial systems. However, some individuals, like Aquino, were more cautious. They suggested that implementing such a change might face challenges, including political resistance and the complexity of rebuilding legacy infrastructure.

Musk Under Fire

Musk’s remarks come amid reports claiming that D.O.G.E may have gained access to sensitive taxpayer data held by the US Treasury Department. According to these allegations, D.O.G.E is attempting to illegally prevent the payment of funds to various government programs through this access.

Last month, the CEO of Tesla became embroiled in a legal dispute with the US Securities and Exchange Commission (SEC), which claimed he failed to disclose his ownership of more than 5% of X platform’s stock within the required timeframe.

Currently, Musk is the sole leader of D.O.G.E following the resignation of his colleague, Vivek Ramaswamy. Musk had previously warned that some of the actions his team would implement might slow down Bitcoin’s growth, as they could potentially contribute to increased inflation.

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