Accounting
Senate Confirms Blockchain Proponent as Head of OMB
South Carolina Representative Mick Mulvaney served in Congress since 2010, and was the founder of the Blockchain Caucus, a group of legislators that promotes blockchain technology and digital currencies. The group has been called the "BitCoin Caucus."
Feb. 17, 2017
The U.S. Senate voted 51-49 on Thursday to confirm President Donald Trump’s choice for the White House Office of Management and Budget (OMB).
South Carolina Representative Mick Mulvaney served in Congress since 2010, and was the founder of the Blockchain Caucus, a group of legislators that promotes blockchain technology and digital currencies. The group has been called the “BitCoin Caucus.”
Blockchain technology emerged from the digital currency arena, and some thought leaders expect it to become a cornerstone of accounting and the payments industry. Blockchain works by recording data like transactions, contracts and deals, and then shares this information with the other parties involved in the process.
“The advanced technology will serve tighter regulations through giving full transparency as well as being extremely difficult to hack or shut down,” said Dave Yohe, the head of corporate marketing for BillingTree. “It will also help larger financial institutions counter the impact from smaller FinTech disruptors and lower interest rates.”