The Department of Treasury is nearing completion of an effort to develop a blockchain-based credit system for recipients of federal grants, FCW reported Friday.
Craig Fischer, innovation program manager at the treasury department, said the effort aims to tokenize federal letters of credit for the tracking of awarded grants and associated cashflow.
He said tokens allow for more efficient tracking than actual money. Tokens would also come with associated data such as recipient profiles and related dates.
The effort continues the department's record of studying blockchain, following a 2018 pilot project on the development of blockchain technology for physical asset management.