Treasury advances blockchain proof of concept for grant payments

guest · Nov 9, 2021

Treasury advances blockchain proof of concept for grant payments
November 9, 2021
https://www.fedscoop.com/treasury-blockchain-grant-payments/

The Treasury Department continues to test a blockchain proof of concept tokenizing grant payments to increase transparency and reduce the amount of reporting recipients must do, the program’s lead said Monday.

Through the pilot program, data on the award amount, key dates and recipient is scraped from National Science Foundation-issued grant letters and meshed with payment information inside a blockchain token for real-time, transactional transparency.
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The Bureau of the Fiscal Service has spent the last two-and-a-half years working on the proof of concept, which continues a 2017 effort, in light of grant recipients reporting they submit about 400 reports to agencies annually and 350 quarterly.

“This is taking a tremendous amount of their time and resources to just tell us how they spent their money,” said Craig Fischer, program manager at BFS, speaking at the ACT-IAC Imagine Nation conference in Hershey, Penn., on Monday.
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While the proof of concept relies on a permission-based version of the Ethereum blockchain — grant recipients requiring BFS’s permission to join the network and download its digital wallet — the agency is still working through all the token’s privacy ramifications, Fischer said.
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