Sunday, December 26, 2021

US Government Agencies To Start Utilizing the Blockchain?

Could government agencies start utilizing blockchain? That may be the case in the US. The National Defense Authorization Act provision has worded that capital funds can come from sources including “other innovative platforms and technologies.” This is the government’s way of saying capital can be gained through blockchain without specifically stating it. The NDAA has been passed in the legislative branch and is only a signature from President Trump away from being law.

By passing this act, the ability for blockchain to grow would be exponential. It would also allow the government moves away from its current systems, which chew up money. The systems in place at this time tie up companies as they are constantly being voted on, and there is no certainty of longevity. This bill would change that and allow agencies to establish a long-term plan, possibly with blockchain.

These possibilities don’t come without any obstacles. The question of credibility and if it can be used widely within a government agency still looms. A major part of this is due to the issues government agencies have associated with the cybersecurity risks of blockchain. For an agency to use an “innovative platform” such as blockchain, it must go through a lengthy process. These issues are manageable, and if an agency is passionate about blockchain, there is no reason to think it won’t be implemented

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