US Treasury Department testing blockchain tech for tracking federal grants

The U.S. Department of the Treasury, which manages government revenue, is testing blockchain technology for tracking federal grant payments.

The department is about to complete a proof of concept program for a blockchain-based letter of credit for grant recipients, Craig Fischer, innovation program manager at the Treasury, said at a recent conference, as reported by Federal Computer Week (FCW) on Friday.

The trial program tokenizes letters of credit to track the flow of grant money from federal reserves to grantees, per the report. Tokenization helps identify grant recipient, grant amount and key dates like when it was awarded, s