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22:30, 12 October 2018

Ex-Goldman Sachs President Gary Cohn Joins Blockchain Startup

Ex-Goldman Sachs President Gary Cohn Joins Blockchain Startup

Gary Cohn blockchain

The blockchain space became a tiny stronger these days as former Goldman Sachs president Gary Cohn announced that he had joined the advisory board of distributed ledger technology (DLT) startup Spring Labs.

Former Trump Advisor Joins Blockchain Startup

In addition to his former position at Goldman&nbspSachs, Cohn also worked in the White House as President Trump&#8216s leading financial aides. Cohn left his position as director of the National Financial Council back in March of this year when he could not agree to President Trump&#8217s steel and aluminum tariff plans.

Fintech startup&nbspSpring Labs is currently operating on a blockchain answer to decentralize identity and credit details. Their remedy aims to be far more secure and efficient than existing centralized choices, such as Equifax.

Absolutely everyone remembers the fantastic Equifax hack that happened last September, impacting roughly 143 million U.S. buyers. This hack was achievable due to a centralized point of failure. Blockchain&#8217s decentralization signifies that there is no single point of failure. Would-be attackers should penetrate numerous sources for a hack even to be possible.

Cohn told MarketWatch that he sees the possible that blockchain will add to solving this difficulty, stating: &ldquo[It&rsquos] an clear place to take a really, really analog business and digitize it,&rdquo also calling Spring Labs a &ldquounique chance.&rdquo

Cohn Not a Fan of Bitcoin

Cohn was interested in blockchain technology back when he worked in the White House, explaining that he has given that evaluated several opportunities. Cohn likes the blockchain technologies&nbspbehind cryptocurrency but, as CCN reported, is not a fan of bitcoin and other cryptocurrencies.

&#8220I have been really interested in blockchain technologies for a quantity of years, and Spring Labs is developing a network that could have profound implications for the economic services sector, amongst others,&#8221&nbspexplained&nbspCohn.

Although Cohn does not support bitcoin and other individual&nbspcryptocurrencies, he did say that &ldquowe all know all the inefficiencies of the current currency planet and blockchain clearly assists to eradicate them at some point in the future.&#8221

Cohn will join Spring Labs&#8217 as a member of their board of advisors. Other notable advisors for Spring Labs consist of former TransUnion executive Bobby Mehta and Coinbase chief legal officer Brian Brooks.

Featured Image from Wikimedia Commons

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Published at Fri, 12 Oct 2018 21:25:03 +0000

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