The U.S. Department of the Treasury is testing a blockchain-based system for monitoring federal grants, Federal Computer Week reports.
According to the agency's Innovation Program Manager Craig Fischer, the treasury has almost completed a proof-of-concept for a blockchain-based letter of credit for federal grant recipients.
The blockchain platform tokenizes digital federal letters of credit sent out to grant recipients to monitor the grant payments. The tokenization allows the agency to track the flow of grant money from federal coffers to grantees.
Digital tokens can be monitored more efficiently, including recipient identification, Fischer added.
Earlier iHodl reported that China plans to deploy the Blockchain-based Service Network (BSN), its national blockchain network, in April this year.
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