The appointment of Steven Mnuchin as Treasury Secretary is a good sign for blockchain technology. In an interview with CNBC, the former Goldman Sachs banker said he's interested in how technology can be used to improve existing processes and better serve customers.
Mnuchin's comments echo those of other administration officials, who have focused on how blockchain can improve consumer welfare and reduce costs.
A blockchain is a database that maintains a growing list of data records across mainframe networks. It is best known as the technology behind cryptocurrencies like bitcoin, but its potential extends far beyond the financial sector. The Treasury Department oversees financial regulations, including anti-money laundering (AML) requirements and counter-terrorism financing regulations. Under President Trump's executive order promoting freedom of speech and religion, he will also be responsible for administering regulations passed by Congress such as the Dodd-Frank Wall Street Reform Act and consumer protection (Dodd-Frank).
In an interview with CNBC, Mnuchin said blockchain has become one of the hottest topics in technology today. He also expressed interest in the potential for reducing overall costs for financial institutions, which could help them lower interest rates on loans or make it easier to track payments during an audit. .