Copy link
Increase text size
Decrease text size
Link copied

U.S. Treasury Department finishing up blockchain testing for tracking federal grant payments

Tue, 14 Jan 2020, 10:08 am UTC

The U.S. Treasury Department is about to complete testing a blockchain-based payment capability for federal grants, FCW reported.

Craig Fisher, Supervisory Program Manager in the Office of Financial Innovation and Transformation (FIT), shared that they are finishing up a proof of concept program for a blockchain-based letter of credit for the recipients of federal grants. The new program will tokenize the electronic federal letters of credit that will be sent out to the grant recipients to track payments. This guarantees a safe and secure transaction compared to actual cash exchange.

Fisher explained that the token is a digital representation of the payment and it includes the recipient’s identification, grant amount and key dates like the time it was awarded. The blockchain-based letter of credit provides a peer-to-peer transfer to prime and sub-grantees. Grant recipients need an electronic wallet associated with a bank account to receive their tokenized letter.

The department has been looking into blockchain potential for the past couple of years. In 2019, Fischer also discussed blockchain at a conference hosted by Booz Allen Hamilton and the Data Foundation on the report “Bringing Blockchain into Government.” At the time, he revealed that they were still far from completing their blockchain tests.

“If you look at this from a government-wide perspective, data standardization is critical,” Fischer said. “So what we learned is ‘can it improve this?' Yes, but not right now because there would need to be a massive standardization effort that would have to take place across the government for blockchain to be an effective tool for managing and tracking software licenses.”

Fischer added that if blockchain doesn’t improve life for the user it will have a slower uptick, otherwise, it will have a faster uptick. Apparently, the case is true for the latter.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $42,033.00 (-1.67%)
  • Ethereum (eth) $2,872.62 (-4.52%)
  • Tether (usdt) $1.00 (-0.30%)
  • Cardano (ada) $2.05 (-1.69%)
  • Binance Coin (bnb) $353.20 (-2.31%)
  • Bitcoin (btc) $42,033.00 (-1.67%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft