The allure of blockchain technology is pulling in intriguing figures. big names Gary Cohn, whose impressive resume includes time at Goldman Sachs and a tenure as a key economic strategist during the Trump era, is now lending his expertise to the advisory board of Spring Labs, a cutting-edge blockchain firm based in Los Angeles.
Since his departure from Trump's circle in March, due in part to differing views on the administration's initial trade war maneuvers, Gary Cohn has kept a low profile. Now, his focus shifts to Spring Labs, a company aiming to reshape consumer credit through blockchain technology, tapping into a potentially massive financial segment.
Spring Labs Among its esteemed advisers, Spring Labs counts figures like Nigel Morris, co-founder of Capital One, and Sheila Bair, past chairman of the FDIC. With the US economy heavily reliant on consumer credit, Spring Labs' efforts could signal a strategic advantage for Gary Cohn.
During his impressive career, Cohn was the 11th Director of the U.S. National Economic Council and the President's chief economic adviser. Prior to this, he climbed the ranks at Goldman Sachs over 25 years, eventually co-leading vital divisions such as Equities and Fixed Income, Currency and Commodities.
It seems Gary Cohn is reading the trends quite accurately.
Having embarked on this new venture, Gary Cohn expresses his enthusiasm for both the blockchain domain and his new role. In a press notice, he conveyed: 'I'm deeply intrigued by blockchain's potential — Spring Labs is fostering a network with far-reaching implications for financial services and beyond,' emphasizing his eagerness to support their mission.
Earlier in 2018, Spring Labs successfully secured close to $15 million in funding. The firm is eyeing blockchain as a revolutionary way to bolster data security for the vulnerable consumer credit industry, frequently targeted by cybercriminals.
Whereas companies like Equifax operate traditional credit models without blockchain, they faced a data breach affecting around 150 million individuals last year, an event steeped in controversy. With consumer credit data highly prized by cybercriminals, entities like Equifax have proven inadequate in safeguarding it against digital threats. Adopting blockchain could enable banks to directly interface with consumer credit data, eliminating the need for intermediaries such as Equifax. Despite blockchain's notable endorsements from industry stalwarts like Gary Cohn, Nigel Morris, and Sheila Bair, the technology still faces critics. Last week's informal session by the US Senate Committee on Banking, Housing, and Urban Affairs saw Nouriel Roubini reiterating his long-held skepticism towards blockchain and cryptocurrency.
Blockchain is Still Taking Flack
Mr. Roubini remained firm in his critical stance during the session, describing Bitcoin as the 'mother of all scams' and dismissing blockchain as the 'hyped-up of all technologies.' While it's true that blockchain attracts significant buzz akin to any breakthrough technology — whether railways, cars, or the internet — such market excitement often signals its transformative potential.
History shows us that whenever a promising new invention surfaces, it often comes wrapped in an aura of speculation, much like previous innovations have. While bubbles can form, with some backing doomed projects, blockchain's eventual success could redefine data management across many spectrums.
The adoption of blockchain by leading global entities is further testament to its burgeoning role in international commerce.
With IBM and Walmart setting sights on a food tracking system anchored in blockchain technology, many banking institutions are busy protecting their blockchain-based settlement mechanisms through patents. A shift towards blockchain-powered trade finance platforms is taking root with significant Asian banks, leveraging a solution devised by Ping-An now active in China. Nicholas Say, originally from Ann Arbor, Michigan, is an avid traveler with extensive stays in Uruguay and his current residence in the Far East. His work is widespread online and frequently delves into authentic progression and pioneering human technology. Hong Kong Monetary Authority (HKMA) One early advocate of Solana (SOL) has identified a promising signal for Rexas Finance (RXS), offering forecasts for 2025.