US Treasury Official Requests More Blockchain Pilots

US Treasury Official Requests More Blockchain Pilots

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A federal official involved in the investigation of distributors is pushing alongside the US Treasury for further technical testing.

An article was published, by the Journal of Federal Financial Management, that claims that Craig Fischer offered a comprehensive summary of the technology, potentially claiming that the application could lead to improvement in information and data sharing. Craig serves as an official part of the Treasury’s Bureau of the Fiscal Service, as a regional program manager for the Office of Financial Innovation and Transformation (FIT).

According to Fischer, the government is currently pursuing a variety of cases across a sum of federal agencies and departments, but before they can get there, more trials must be held. He requested an application for extensive studies and research to be conducted by the organization to track physical assets. This project is considered a significant action for cryptocurrencies and aims to create digital logs of physical sales using research into the blockchain in other parts of the government.

Additionally, he shed light on the efforts provided by blockchain functional groups within the Association of Government Accountants. The structure includes industry startups, representatives from governments and enterprises.

He states:

“We must start development on relevant proof and cases to understand the impact on our community completely. But these tests are the beginning of the solution.”

The US Treasury revealed earlier this month that they are testing blockchain to provide analysis on the movement of physical resources such as computers and smartphones. Bitcoin technology has revolutionary abilities that will significantly benefit several governments around the world allowing for more growth and prosperity of the bitcoin industry. Additionally, the State Department calls for the collected research to be used to track bids and increase the length of processing applications.

Recently, the Bureau – has been held accountable for managing payments and borrowing funds on behalf of the government to explore and track other options.

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