Analysis: If the US government puts its spending on the chain, it can save more than $10 billion in audit costs in ten years

Odaily News The Kobeissi Letter published an article on X stating that both Musk and the CEO of Coinbase proposed putting all U.S. spending on the chain, which means that the U.S. $6.9 trillion in spending each year will be placed on a decentralized ledger. If deployed properly, U.S. government spending will be safer.
It explains that the ledger can be authorized to limit views, and fraudulent spending is almost immediately flagged. If handled correctly, it is almost impossible to hack. In addition, the blockchain can be publicly accessed to increase transparency.
Currently, the U.S. government’s spending database is built in an “append-only” manner, which makes it almost impossible to search for specific terms in the database and lacks transparency. For example, after weeks of data mining, the Department of Government Efficiency (DOGE) found the following: 62 contracts worth $182 million, all for “administrative expenses.” This includes a $168,000 contract to host an Anthony Fauci exhibition at the NIH Museum, and this is just the tip of the iceberg.
In addition, the US Pentagon was unable to account for 63% of its $3.8 trillion in assets during an audit; the Department of Defense said they had $3.8 trillion in assets and $4 trillion in liabilities, and their balance sheet was not even balanced.
By using blockchain technology, payments can be easily tracked and even audits can be automated. This is why many large banks are already using blockchain. By 2024, 56% of cross-border businesses have integrated blockchain technology into their operations. The US Pentagon spent $1 billion to audit its financials in 2018, but failed the audit. Their goal is to pass the audit by 2028. If blockchain is used, more than $10 billion in costs can be saved.
Another benefit is the elimination of “ghost beneficiaries”, blockchain can ensure that only eligible individuals receive assistance programs, pensions and social security, thereby reducing fraud. In 2022 alone, $13.6 billion in “improper” social security payments were made.
The biggest downside is that the plan will encounter unprecedented legal hurdles and bureaucratic resistance from the beneficiaries of these inefficiencies. This is already starting to show up, as a federal judge has restricted Musk and DOGE’s access to the payment system.
If the US government wanted to eliminate deficit spending, it would need to cut spending by $5 billion a day. The US is currently spending 44% of GDP per year, the same level as during World War II. Most people would be surprised at how many “problems” would be solved if deficit spending was eliminated.