Blockchain Adoption By U.S. Treasury Could Pose Security Risks, Analyst Warns

According to Odaily, former Goldman Sachs analyst and co-founder of The Coin Bureau, Nic Puckrin, expressed concerns in an article for Fortune magazine about Elon Musk's suggestion for the U.S. Treasury to adopt blockchain technology. Puckrin highlighted that while blockchain and cryptocurrencies offer vast financial opportunities that can enhance personal wealth and improve national efficiency and transparency, their adoption by the U.S. Treasury could expose sensitive financial information, such as defense spending or foreign exchange operations, to hacking risks. He noted that although these security issues might be mitigated through encrypted data and privacy-focused blockchains, no current blockchain system appears capable of handling the over $5 trillion in U.S. Treasury assets.