Mayor Adams at a tech conference (photo: Michael Appleton/Mayor's Office)

At a February oversight hearing held by the New York City Council Committee on Technology, the city’s Chief Technology Officer, Matthew Fraser, defended blockchain as a useful tool for stimulating the economy and enhancing government services.

As head of the city’s Office of Technology and Innovation (OTI), Fraser is at the forefront of the Adams administration’s plans to integrate blockchain and other digital tools into municipal operations while also continuing to evaluate the cryptocurrency marketplace. At the

Voters on line for early voting (photo: Michael Appleton/Mayor's Office)

Blockchain – many know it is a technology of the moment, but few understand how it works. It’s just one of those things that sounds important, but so many eyes glaze over when the phrase is used. But more and more, the use of blockchain technology is becoming commonplace, and it’s time we consider using it to make sure elections are as secure as possible.

First, the basics.

Blockchain is known as a “decentralized ledger” -- meaning that whenever a change is made

(photo via the Governor's office)

One of the most powerful financial tools in the United States federal government’s financial toolbox is its relationship to the Federal Reserve Bank, which can create money “out of thin air” and then use it to buy the federal government’s debt: treasury bills, bonds, and notes. While the primary purpose of these “open market operations” is to manage U.S. money supply, a convenient side effect is that that the Federal Reserve can, in the words of the Economist magazine, “buy up trillions of government