US Treasury Offers Advice to Government Agencies

The US Department of the Treasury published a blog post offering advice to other government agencies that are interested in adopting blockchain or distributed ledger technology (DLT) in their internal systems. The post, which was drafted by the Treasury’s Bureau of the Fiscal Service (BFS), includes several lessons that officials gleaned while experimenting with a proof of concept blockchain system.

Reflecting on the trial, the BFS advised agencies to cut through the hype surrounding blockchain technology and honestly consider whether a distributed ledger will add value to their operations. Such systems, the bureau wrote, are most useful for departments in which central gatekeeping is expensive (such as when staff must manually verify transactions) and there is less than total trust between different parties in the ecosystem.

Reference: https://www.ccn.com/us-treasury-offers-advice-to-government-agencies-interested-in-blockchain/

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