“Blockchain is rising as a nascent technology that enables reliable information exchange throughout networks, and federal agencies are starting to embrace the emerging technology to drive efficiencies — including in grants management work.
Many agencies have been encountering challenges in building transparency in their grants management systems and struggling to reduce burdens around reporting. Federal IT and financial specialists have been trying to apply emerging technologies to these systems to relieve these pain points, especially as many of these agencies face congressional mandates to grow their budgets and portfolios…”
“The project [NSF Division of Financial Management Senior Accountant Justin Poll] has taken on tokenizes grant letters to extract, digitize and store specific data elements onto a blockchain token, where the respective data elements are permanently stored and become transferable. This, Poll said, brings near-real-time data visibility…”
“As NSF and HHS build out their blockchain prototypes and pilots, Treasury Bureau of Fiscal Services Program Manager Craig Fischer, who has also pushed to test blockchain in the agency, highlighted key areas to consider in setting up a blockchain-based solution for grants management. The first area, he said, is in developing a business plan that lays out a path to production, including a concept of operations, pilot project scope, alternative solution analysis and core questions about which to inquire.
A second key step, Fischer added, is in building up technical understanding and a vision of what a given pilot would look like in the coming years. This includes authority to operate requirements, node hosting, digital wallet deployment and the infrastructure required to apply blockchain…” Read the full article here.
Source: How Blockchain is Transforming Federal Grants Management – By Melissa Harris, July 27, 2021. GovernmentCIO.