Treasury Department experimenting with blockchain-based payment capability for Federal grant recipients

“The Treasury Department is finishing up tests of a blockchain-based grants payment capability in its latest effort to discover how the technology can push more efficiencies into its operations.”

“The Treasury Department, said Craig Fischer, innovation program manager at the agency, is about to complete a proof of concept program for a blockchain-based letter of credit for federal grant recipients.”

“The program, Fischer said in a presentation at a recent conference on federal financial systems modernization, tokenizes electronic federal letters of credit sent out to grant recipients to help track the grant payments made to those recipients, as well as make the transaction more secure. The tokenization allows the agency to track the flow of grant money from federal coffers to grantees. Instead of an actual cash exchange, the token is a representation of the payment that can be tracked more efficiently, with…” Read the full article here.

Source: Treasury tests blockchain-based grant tracking – By Mark Rockwell, January 10, 2020. FCW.

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