Elon Musk has ignited debate in financial and technological circles by endorsing the idea of putting US Treasury spending on a blockchain. The proposal, aimed at increasing transparency and eradicating alleged fraud, has sparked discussions about its feasibility, benefits, and risks.
Yahoo Finance UK spoke with Symphony chief product officer Mike Lynch, to explore what such an initiative would entail.
In his role as head of the Department of Government Efficiency (DOGE), Elon Musk seems to have made it his mission to reform US federal agencies and drive greater efficiency. During a recent appearance on “The Joe Rogan Experience” podcast, the Tesla (TSLA) CEO expressed concerns about government spending fraud, alleging that billions of dollars are annually allocated to individuals lacking proper identification.
Musk believes blockchain technology could be the solution, as it offers enhanced transparency and accountability. By using blockchain, all transactions within US Treasury spending could be tracked in real time on a public ledger, ensuring full visibility and possibly reducing the potential for fraud.
In early February, Musk made a post on X.com saying: “Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress. This needs to stop now!”
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When an X user responded by asking whether the Treasury…
