State Department Promotes Blockchain Technology
Blockchain technology can increase security and transparency in government transactions, State Department officials said Tuesday at a forum of tech and government groups. “Blockchain technology is on the move around the world,” said Deputy Secretary John Sullivan. The rapidly developing…
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technology can increase transparency and accountability across the federal government, particularly in tracking flow of foreign assistance dollars and protecting IT platforms, Sullivan said. State is studying how blockchain can work in countries with developing economies and currencies and with human rights monitoring. The government hopes to build public-private partnerships to use the technology to “advance our diplomacy and development objectives,” Sullivan said. Blockchain is gaining more credibility in financial markets, said Jamie Smith, CEO of the Global Blockchain Business Council, with representatives from 30 countries aimed at encouraging leading business to adopt blockchain technology. Blockchain can be used with any type of record-keeping or transfer of an asset to provide a “global digital notary” with the ability to timestamp transactions. “Walmart is using it to track the meat they buy,” Smith said.