Categories: CryptoNews

Trump Administration Expresses Bullish Stance on Blockchain

Although most people would not expect it, the Trump administration is pretty keen on blockchain technology. In fact, the team purports to be more committed to the blockchain than ever before. Improving US governmental operations is the first priority in this regard, and distributed ledger technology is considered “essential” to domestic policy and strategy development. It’s a surprising turn of events, but certainly a welcome change of pace.

Trump Administration Loves Blockchain Technology

Government operations are not as streamlined as they could be right now. That is only to be expected, considering it takes a lot of time, effort, and communication to govern an entire nation. Coming up with new ways to make these operations more efficient over time is not an easy feat whatsoever. Blockchain technology will seemingly play an integral role in this regard. The Trump administration reaffirmed its bullish stance on this technology not too long ago.

This sudden turn of events is not exactly surprising for people who have kept tabs on the matter. Adopting blockchain technology as part of US government operations will have some interesting consequences, but it also poses major challenges. Several high-ranking government officials have been advocating for the adoption of blockchain technology for several years now. The number of use cases associated with this technology is virtually limitless. They include reducing fraud, addressing waste, and improving cybersecurity defense.

One thing to keep in mind is how the executive branch and the SEC may clash when it comes to embracing the blockchain. While the Trump administration is in favor of this technology, the SEC may not necessarily be on the same page. After all, the latter entity recently announced the creation of a cyber police unit to fight market manipulation and monitor illicit use of the blockchain. Finding common ground in this regard may prove to be a bit difficult.

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It is good to see the White House explore some newer forms of technology. Our society is evolving in a different direction and traditional tools and services will no longer suffice. Now is the time to embrace blockchain technology and even artificial intelligence to improve government services in the United States. Streamlining bureaucracy and serving citizens are just two of the possible applications being explored right now.

While it remains to be seen whether or not blockchain technology will be a valuable tool for the US government, it is always worth exploring all available options. Taking advantage of new opportunities is of the utmost importance; that much is evident. Data management needs to be looked at from a long-term perspective. None of the existing solutions being used today will be a viable option for the long term, by the looks of things. Getting rid of centralized solutions needs to happen sooner or later, as far as the US government is concerned.

Even though the Trump administration is getting a lot of flack from the public, they should be applauded for this open-minded approach to new and emerging technologies. A bullish attitude on the blockchain is pretty significant, especially when it is shown by one of the world’s largest nations. Whether or not other governments will follow Americans’ lead in this regard remains to be determined. An interesting future lies ahead; that much is certain.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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