Bureau Of Fiscal Service Revisits Blockchain Technology Development To Streamline Grants
The Bureau of Fiscal Service, BFS, is focusing its energies on innovative technologies such as blockchain technology in a bid to enhance the government’s fiscal policies and “streamline its financial processes.” BFS will launch two projects – Digital End-to-End Efficiency (DEEE) and Blockchain for Grants – in a re-imagining strategy on how federal governments carry out day to day businesses.
According to the release, the Blockchain for Grants project was started back in 2017, aiming to create digital solutions to ease the tokenization, redeeming and transfer of grant payments from the government.
Blockchain technology offers a transparent, public, and secure platform to enhance the disbursement of grants by reducing the financial costs and setting up better internal controls. According to the statement, the blockchain for grants project “will focus on evaluating the functional and legal implications of using blockchain technology for helping grant payments.”
Fiscal Service Supervisory Program Manager Craig Fischer said,
“By tokenizing relevant grant award information and combining it with grant payment information on the blockchain, we attain new payment transparency that we couldn’t reach previously without significant and burdensome reporting.”
The BFS office has launched both innovative projects for a six-month period.
The latest blockchain interest from the Bureau of Fiscal Service follows a blockchain-based initiative to track office tools across the country.