A new report on blockchain applications is viral on many best cryptocurrency news sites. Carried out by the research organization Data Foundation and the IT firm Booz Allen Hamilton, the report shows five proposed questions which should guide the United States federal government on where and how to implement blockchain applications.
Their research was published in a report titled “Bringing Blockchain Into Government: A Path Forward for Creating Effective Federal Blockchain Initiatives” on June 10. As the report notes, blockchain applications and solutions make the most sense when they are applied to some sort of a procedure with a predetermined level of consistency and a low level of agility. Obviously, assuming that the immutable ledger provided by blockchain is valuable for the task in the first place.
The report which spread like wildfire in the coming altcoin news, lists five questions that the United States Federal Government should consider on whether a blockchain solution makes sense. The report says:
“1. Does the blockchain offer a real benefit for information security, trust, or transparency? … 2. Can blockchain be practically and efficiently applied? … 3. What blockchain design is most appropriate? … 4. Is the cost of applying blockchain merited relative to information gains? … 5. Does the application satisfy applicable data sharing and confidentiality laws?”
When coming up with these criteria, the organizations looked at seven instances of blockchain initiatives at the federal level that they deemed successful. In addition to this, the report noted a couple of blockchain-based initiatives across various agencies such as the Food and Drug Administration (FDA), the Department of Health and Human Services, the Department of Treasury and the Department of Defense, among others.
The report also notes that these programs are in varying stages of success and development. According to it, the blockchain applications “will ultimately prove a success in government is yet to be seen. But for now, applying blockchain for government programs and operations should be a welcome development when possible.”
As previously reported on our altcoin news site, the FDA launched a pilot program using blockchain technology as a supply chain tracker for pharmaceuticals in February this year, again proving that there are many advancements coming to the space.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]