Fiscal Service Testing Blockchain to Streamline Grant Payment Processes
October 12, 2021
Washington, D.C. - The Bureau of the Fiscal Service has awarded a task order to streamline grant payment processes using blockchain technology. This effort is the next step in applying blockchain for the payment of federal grants and improving transparency, reducing reporting burdens, and enhancing internal controls to combat fraud and improper payments. This effort builds on the bureau’s development of a blockchain-based grant payment request prototype and will culminate in making a grant payment using blockchain technology.
The task order seeks to answer unresolved questions such as setting up blockchain nodes and digital wallets and addressing critical technical needs including cryptography standards and cross-agency authorities. This work represents an important step toward maturing blockchain technology within the federal government and preparing for its eventual adoption, particularly in the federal payments space.
“This study will provide us with hands-on experience and insight on how blockchain technology can enhance security and improve government services and the customer experience, from the perspective of both the federal government and the recipient.” said Craig Fischer, Supervisory Program Manager in the Office of Financial Innovation and Transformation (FIT).
Adam Goldberg, the Acting Assistant Commissioner for FIT said, "The Fiscal Service has a proven track record of identifying, developing, and promoting emerging technologies to improve financial operations and better serve our citizens. This effort is the latest example of the Fiscal Service’s evaluation of how technologies like blockchain could radically transform financial management.”
To learn more, contact FIT@fiscal.treasury.gov.
The Office of Financial Innovation and Technology (FIT) is responsible for leading the transformation of financial management to reduce costs, increase transparency, and improve delivery of agencies' missions by operating at scale, relying on common standards, and using state-of-the-art technology.
About the Bureau of the Fiscal Service
The Fiscal Service is a bureau of the United States Department of the Treasury. Its mission is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.