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U.S. Treasury Department Testing Blockchain Tech For Tracking Federal Grant Payments

Ramsey Baker

Summary: The United States Department of the Treasury is now testing blockchain technology meant to track federal grant payments. The department is close to completing a proof of concept program for a blockchain-based letter of credit for grant recipients, according to the Treasury’s innovation program manager Craig Fischer. The trial program will tokenize letters of credit ...

The United States Department of the Treasury is now testing blockchain technology meant to track federal grant payments.

The department is close to completing a proof of concept program for a blockchain-based letter of credit for grant recipients, according to the Treasury’s innovation program manager Craig Fischer.

The trial program will tokenize letters of credit to allow for the tracking of grant money from federal reserves to grantees. Tokenization will also help identify grant recipient, grant amount and key dates like when it was awarded.

By Ramsey Baker

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Tags: Blockchain,federal grant payments,United States Treasury
Link: U.S. Treasury Department Testing Blockchain Tech For Tracking Federal Grant Payments [Copy]

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