Federal agencies turn to blockchain for its benefits. According to FedTech magazine, several federal agencies such as the U.S. Food and Drug Administration, or FDA, and the Department of Treasury began using blockchain for its transparency, efficiency, security and flexibility.
Henry Francis, associate director for data mining and informatics evaluation and research at the FDA’s Center for Drug Evaluation and Research, has successfully developed a blockchain-based application that automatically enables them to obtain encrypted data in real-time, from many sources.
The Department of Treasury’s Office of Financial Innovation and Transformation, or FIT also turned to blockchain. Its first application was for mobile device monitoring. The second was for software license management. FIT also checked whether the use of blockchain, in collaboration with the National Science Foundation, could enhance grant payment processes.
Additionally, the Department of Health and Human Services (HHS) is also using distributed ledger technology to increase its bulk purchasing power, reduce its reporting burden, cut costs for industry partners and improve record-keeping for vendor transactions.