Ex Goldman Sachs President Gary Cohn joins advisory board of a DLT startup 25094 Gary Cohn with DonaldTrump
News
Nitin Murali
Oct 13, 2018 at 5:42 AM

A major strength has been added to the blockchain space as Gary Cohn, Ex-President, Goldman Sachs announced that he had joined the advisory board of distributed ledger technology (DLT) startup Spring Labs.

Cohn has also worked as the US President’s economic aides in the White House. He resigned from the post of the director of National Economic Council during March of this year since he could not agree to the steel and aluminum tariff planned by President Donald Trump.

Spring labs, a Fintech startup works on a blockchain method to decentralize identity and credit information. Spring Labs aims to be more efficient and secure as compared to centralized Equifax.

The main reason for him to be a part of Spring Labs rather than Equifax is the fact that the latter was hacked last September that had a direct impact on 143 million US customers. This was due to a failure because of one centralized point which was easy to hack into. Whereas, Spring Labs being decentralized means that there is not just one point that hackers need to find but many points. The so-called attackers have to go through many sources to create a hack even.

"I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others," said Gary Cohn, as per a news release.

Even though Gary Cohn had no faith with cryptocurrencies, he was hopeful about blockchain.

“We all know all the inefficiencies of the existing currency world and blockchain clearly helps to eliminate them at some point in the future,” he added.

Along with Gary Cohn, other advisory board members include Bobby Mehta, former TransUnion executive, and Brian Brooks, Chief Legal Officer, Coinbase.

See Also:

Ex-President of Goldman Sachs says that Bitcoin shouldn’t be the global cryptocurrency in the future

Token Takeover: Kenya’s DLT taskforce chairman aims to tokenize the economy

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