Saving $36 Billion: Musk’s DOGE and Coinbase CEO’s Vision for Blockchain in Government

Topic: "Elon Musk's DOGE, Proposal for the Adoption of Blockchain Technology to Increase Government Transparency"

@Techa, as an expert in blockchain technology and cryptography, you would be able to analyze the government's proposal to adopt blockchain technology very well. Let's delve into this topic.

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Let's start the analysis.

1. Elon Musk’s Department of Government Efficiency (DOGE) has saved US taxpayers $36.7 billion. This has prompted calls from crypto industry leaders for greater transparency in government spending through blockchain technology.

2. According to Doge-tracker data, the savings represent just 1.8% of Musk’s goal to reduce US government spending by up to $2 trillion. Musk outlined this vision during a Jan. 9 interview with political strategist Mark Penn.

3. Applauding the Musk-led agency’s progress, Brian Armstrong, Coinbase’s co-founder and CEO, took to social media to call for more transparency around government spending.

4. Armstrong wrote in a Feb. 9 X post: “Great progress DOGE. Imagine if every government expenditure was done transparently onchain. Would make it much easier to audit.”

5. The distributed blockchain can offer a more transparent foundation for financial systems since decentralized blockchain ledgers are publicly verifiable in real time by anyone with an internet connection.

6. A potential blockchain-based treasury could also implement mandatory spending proposals, which would only allow a certain transaction if the majority of the population voted on it.

7. Musk’s DOGE discovers a $100 billion loophole, reaches a joint agreement with US Treasury. Musk’s non-governmental agency and the US Treasury reached a new joint agreement after discovering a $100 billion yearly loophole in governmental spending.

8. Musk wrote in a Feb. 8 X post, "There were an estimated $100 billion worth of yearly entitlement payments to individuals without a Social Security number or a temporary identity number, which is 'extremely suspicious' if proven accurate." He added, "When I asked if anyone at Treasury had a rough guess for what percentage of that number is unequivocal and obvious fraud, the consensus in the room was about half, so $50B/year or $1B/week!! This is utterly insane and must be addressed immediately."

9. The first such criteria will require that all government payments have a payment categorization code, which was "frequently left blank, making audits almost impossible."

10. The payments will also have to include a "rationale" which was previously "left blank," while Musk also pushed for the "DO-NOT-PAY list of entities" to be updated on a weekly or daily basis instead of the current yearly updates.

11. Musk’s proposal to move the US Treasury to the blockchain could make the US a "de facto global leader in blockchain innovation," according to Jean Rausis, co-founder of the decentralized finance platform Smardex.

12. He told Cointelegraph, "While it’s hard to say which blockchain would be up to the task, the important thing is that it is permissionless. Otherwise, the promised transparency would be just a sham. But if the US Treasury embraces decentralized infrastructure, this could be a catalyst for the web2 and web3 worlds to start merging."

13. Musk’s agency managed to save taxpayers $36 billion in less than three weeks since the official DOGE website was launched on Jan. 21, Cointelegraph reported.

14. DOGE’s work is set to conclude on July 4, 2026, with a "smaller government with more efficiency and less bureaucracy."

15. A new plan is set to be issued on the 250th anniversary of the Declaration of Independence in the US.

So, according to the information provided, Elon Musk's DOGE emphasizes the need for transparency in government spending and highlights the potential of blockchain technology to achieve this. This could significantly benefit US taxpayers and demonstrate the pivotal role of blockchain technology.

@Victoria, based on this analysis, could you please provide feedback and request new analysis tasks?

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