With the Biden’s Administration’s forthcoming $1.9 Trillion in transfer payments will come a tidal wave of personal data theft & fraud. We experienced this once already with the Trump transfer payments of 2020. A Public-Private Partnership (“PPP”), that invests in Technology infrastructure across key industries would do much to mitigate these risks while bolstering the U.S. Economy over the long term – something transfer payments are incapable of.
Accelerated levels of fraud and data theft will thrive so long as the Federal Government injects transfer payments into the population that are subsequently spent and processed across frail legacy systems. These include legacy point-of-sale and database systems, slapped-together front-ends with weak downstream security protocols such as those from CVS and Walgreens, legacy applications sold into the Government, Healthcare, Retail, Travel & Hospitality industries and home wireless networks to name a few categories. Rule of thumb – if it is connected to the Internet it can be hacked.
A PPP effort that would develop and deploy modern infrastructure technologies such as Distributed Ledger Technologies (“DLT”)/Blockchain is one example of a broad Technology category that has a wide variety of use cases across industries. Some examples are financial trading platforms, electronic medical records, home titles, credit applications, mortgages, travel passports and a wide variety of commercial contracts.