US Lawmakers Ask Congress to Utilize Blockchain Technology to Provide Economic Relief

A group of US lawmakers is urging the Treasury Department to tap blockchain and distributed ledger technology (DLT) in the nation’s efforts to buffer the economic effects of the coronavirus crisis.

In a letter to Treasury Secretary Steven Mnuchin dated April 23rd, 11 legislators led by Rep. Darren Soto (D-Fla.) point out the potential use of these technologies in speeding up the distribution of funds and improving efficiency of tracking relief programs under the federal CARES Act.

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“Our nation’s technology companies are envied around the world and have produced some of the most important innovations of the past century.

Among the most important and relevant are new mechanisms capable of moving money and providing liquidity quickly, securely, and transparently, including through reliance on blockchain and distributed ledger technologies (DLT).”

Soto is the co-chair of the Congressional Blockchain Caucus, and believes blockchain and DLT are the most secure tools that can address the challenges of distributing money and supplies in the midst of the pandemic because they are immune against hacking and unauthorized changes.

The legislator says the idea is not to immediately replace current norms. Instead, he recommends doing pilot programs to glean insights prior to the roll-out of the proposed system.

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