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Federal agencies and blockchain are having a love affair

Federal agencies and blockchain are having a love affair

Federal agencies and blockchain solutions can rightly be called a couple madly in love as more government agencies employ blockchain-based solutions. Whether it is the Food and Drug Administration or the Department of Treasury, blockchain seems to be the flavor of the season.

The combination of federal agencies with blockchain seems to be working since the technology offers essential features such as security, transparency, and speed. The tech-laden daily operations of today’s agencies demand a highly secure solution.

Collaborations between federal agencies and blockchain on the rise

As per FedTech magazine, numerous government departments are deploying blockchain-powered solutions to drive their daily operations. Notable examples include the Food and Drug Administration, and the Department of Treasury. This shows that blockchain has penetrated mainstream organizations by delivering effective technological solutions. No wonder federal agencies and blockchain are turning towards each other.

In 2017, people at the US FDA were in urgent need of a solution for tracing H1N1 swine flu data. Blockchain firms delivered the perfect answer to this problem. Henry Francis from the FDA worked to create an app that grabs encrypted data from multiple sources in real time. Known as RAPID, or ‘real-time Application for Portable Interactive Devices’, the system an ideal example of how blockchain integration can empower federal agencies.

Blockchain-based management tools

The Department of Treasury has also implemented blockchain solutions. The agency used it for tracing of mobile device and management of software licenses. The agency researched blockchain-powered systems for grant payment operations to promote transparency and operational efficiency.

The Department of Health and Human Services employed the power of blockchain to improve its purchasing processes, decrease reporting risks, and lower operating costs. Furthermore, the FDA is exploring solutions that help enhance process efficiency in pharmaceutical and food supply chains. Also, a Congressman recently suggested the Federal Reserve to consider using blockchain technology for distributing Coronavirus stimulus checks. The collaboration of federal agencies and blockchain is sure to reach new heights.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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