11 U.S. lawmakers urge the Treasury to consider blockchain and other technologies to simplify the distribution of cash and materials

Eleven members of the US Congress sent a letter to US Treasury Secretary Steven Mnuchin who strongly recommended researching new technologies including blockchain and distributed ledger technology (DLT) to help simplify the distribution of cash and supplies. The letter pointed out that emerging technologies such as blockchain and DLT are “new mechanisms” for the safe, rapid and transparent transfer of funds, which may in turn be passed through the Federal Coronavirus Assistance, Relief and Economic Security Act (CARES Act) Improve the liquidity of capital allocation. This letter was written on April 23 and was published on Tuesday. It was written by Darren Soto (D-Fla.), A member of the US Congress and co-chair of the Congress Blockchain Core Group. In addition, Soto said that blockchain-based systems can be used in conjunction with artificial intelligence (AI) to better manage the data being tracked or transmitted.