Trump Bitcoin – related new project: how will he use the Blockchain?

trump bitcoin

Trump Bitcoin – related new project: how will he use the Blockchain?

The newest Donald Trump Bitcoin – related project was announced this week during the DC Blockchain Summit held in Washington.

US regulators and officials explained their goal of increasing the adoption of blockchain technology within the government and the American private sector.

Also, a few representatives of President Trump, talked about the potential use cases of the distributed ledger, commenting that they are developing a new Trump Bitcoin project related to the public policy.

In fact, they underlined the ledger potential to streamline bureaucracy, empower consumers and drive economic growth.

Chief economist for Vice President Mike Pence, Mark Calabria, gave a speech in which he explained how the Donald Trump administration wants to exploit the blockchain technology and what possible applications can have the tech in government and finance, as Treasury Department is conducting a review of the whole American financial system.

“We are approaching this with an open mind. We recognize that we’re not necessarily the innovators, but what we can do is get out of the way and figure out where the government stops you from being innovative.”

Trump Bitcoin project benefits

The co-chairs of the Congressional Blockchain Caucus asserted that they are looking for understaning how the tech could be developed to be used within the public sector.

“We’re very interested in helping to facilitate the deployment of blockchain technology in federal agencies and across the government. Our role is to prod government agencies to look at more efficient ways of doing things,”  said Jared Polis.

Republican co-chair from Arizona, David Schweikert,  argued that one of the main goals is to keep policymakers updated about the technology’s potential .

“How do those of us who do policy not leap ahead and screw up what we don’t know is coming tomorrow? Sometimes those of us who get elected are arrogant sometimes in what we think we know. How do we help our brothers and sisters in congress understand this isn’t just about cryptocurrency? There’s an incredible world out there that’s so much bigger.”

 

Public and private

That said, private sector has a major role to play in the government’s blockchain adoption.

Managing director of financial services at Accenture, David Treat, explained that the public sector is not just a political advertisement.

“It was a completely different dynamic of not being reactive and not being, ‘Tell me what you did, and let’s opine on whether that was good or OK.’ It was actually, ‘We see this thing on the horizon, we know it has relevance – can you teach us?'”

Also, blockchain experts and analysts argued that its adoption by the government might help to normalize it for use in other sectors.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

2 thoughts on “Trump Bitcoin – related new project: how will he use the Blockchain?

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