U.S. elections: What about Blockchain?

With the U.S. election fast approaching, even blockchain is one of the issues under examination. In an interview published on PYMNTS.com, Ira Schaefer comments on how the development of blockchain technology might be addressed by the presidential candidates.

…because Donald Trump has indicated a penchant for completing projects under budget and ahead of schedule, blockchain and smart contracts have the potential to reduce paperwork and speed up the contract process. “I can visualize Mr. Trump advocating for blockchain and smart contracts for government contracts, particularly for those involving small businesses,” said Schaefer. “This would reduce the costs of contracting and therefore reduce the cost to the government, and it would speed up the contract process, making it possible to complete projects early.”

On the other hand, […] because the use of a blockchain provides an immutable record of transactions and provides transparency since the record is shared, blockchain may help Hillary Clinton’s policies for continuing her record of providing government services for those in need. “I can visualize Mrs. Clinton adopting the blockchain to protect those that are underserved by lawyers,” said Schaefer. “For example, there have been cases of poor people being cheated out of their homes by the fraudulent recording of forged deeds. An initiative to fund the local recording of deeds on the blockchain to prevent this type of fraud is something Mrs. Clinton would get behind.”

Read the full article on PYMNTS.com here

Download the July 2016 issue of the Global Payments Newsletter

Share Back to main blog
Loading data