US Treasury tests blockchain for tracking federal grants

by in Blockchain News

The US Department of the Treasury

The Department of the Treasury in the US, which controls government income, is examining blockchain tech for tracking governmental grant refunds.

Modernization program administrator at the USDT Craig Fischer told during one of the last conferences that the Treasury is near to completing a PoC integration for a blockchain-based letter of credit for grant receivers.

As the information mentioned in the reports, the test project tokenizes letters of credit so the department can trace the movement of grant funds. Fischer noticed that the tokenization process assists in identifying grant volume, receiver, and other essential information.

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So to be able to get the credit letter, the beneficiary must have a digital wallet attached to a bank account. "Still, its access is going to be restricted," said the administrator. He also affirmed that this isn't going to work in the Bitcoin method, and everything is not going to be apparent to everyone.

The experiment project began in September 2019. As it was reported, the trial will complete at the end of January this year.

This institution worked on a project to create a blockchain-oriented model to maintain substantial assets such as mobile gadgets and computers in 2018. So this isn't the initial time that they are examining this tech.