Trump administration is considering expanding use of blockchain technology to reduce fraud in payments
Donald Trump is set to propose a plan that would enable the U.S. to use blockchain technology for payment systems that rely on a centralized network of banks and other institutions to process payments.
Trump’s proposal would allow the U-S.
Treasury to issue digital certificates that would replace traditional banknotes.
The Treasury would be required to maintain a ledger of all payments that have been processed on the blockchain and would have to sign off on any changes.
Trump would also require the U,S.
Postal Service to develop a blockchain-based electronic transfer system.
He’s also proposing that the Treasury Department establish a blockchain center to oversee all payments on the U’s payments system.
Trump and other members of his administration have been working on a similar plan for years.
The proposal would be similar to the proposal put forth by Democratic presidential candidate Bernie Sanders.
Trump says blockchain technology would allow banks to track transactions.
According to the president, the U will have a blockchain system that will be able to track every transaction that is being processed in the United States, and that system will have to be secured and audited.