Blockchain, the technology that was invented ten years ago to serve as the public transaction ledger for the cryptocurrency known as bitcoin, is poised to become the backbone for a sweeping array of federal programs.
Before we look into the federal interest in blockchain, we should probably define the technology. Don & Alex Tapscott, authors of Blockchain Revolution, define it as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” The blockchain allows digital information to be distributed but not copied. Information in the blockchain is constantly reconciled into the database, which is stored in multiple locations and updated instantly. That means the records are public and verifiable. But since the information exists simultaneously in millions of locations, hacking becomes nearly impossible.
The General Services Administration (GSA) of the Federal government has been evaluating blockchain technology for the last year or so. Last fall, the GSA built the first federal procurement blockchain proof of concept to demonstrate how blockchain could modernize federal procurement. Built in seven weeks, the proof of concept automated the procurement process and reduced the time to award contracts from 100 days to less than 10 days.
The GSA is now promoting the use of blockchain in a wide range of federal agencies such as the DoD, CDC, FDA, Department of Homeland Security, U.S. Postal Service, and Department of the Treasury. According to the GSA website, blockchain can be used by federal agencies for:
- Financial management
- Procurement
- IT asset and supply chain management
- Smart contracts
- Patents, Trademarks, Copyrights, Royalties
- Government-issued credentials such as visas, passports, SSN, and birth certificates
- Federal personnel workforce data
- Appropriated funds
- Federal assistance and foreign aid delivery
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For a list of federal blockchain programs, and to contribute use cases, visit the GSA’s U.S. Emerging Citizen Technology Atlas.