There are several advantages of blockchain technology including data accuracy and transparency. One of the key component enabling its advantages is its immutability. In addition, hashing the block contents followed by “chaining” the blocks via writing the hash towards the next block, lessens the logged data’s immutability.
The blockchain technology has been gaining traction across every single industry. Moreover, federal government has even taken this into notice and has been exploring methods of using this technology for their benefit.
A number of federal government interventions are testing as well as embracing the usefulness of the blockchain technology. This might perhaps certainly lead to a greater usage in the upcoming years.
Government interventions are exploring the use of blockchain technology that might possibly impact several areas, such as IT asset & supply chain management, patents, trademarks & copyrights as well as identity management. The Department of Health and Human Services of the United States is leading the pack amongst all, with foremost blockchain developments that aims at saving the time & money of agency by offering greater access towards securing, standardizing data along with significantly decreasing managerial handling time. Hence, with the help of blockchain HHS will syndicate procurement data sets into a secure cloud for identifying cost-efficiency followed by streamlining the formation of contract.
The Department of Treasury and the Army are already pursuing plans for tracking the device with the help of blockchain. Treasury has been focusing over mobile device tracking that will let them in better management of their resources along with eliminating the obsolete or even underutilized technology, whereas the Military is chasing medical device tracking.
Additionally, the Defense Department is discovering blockchain usage for enhancing cyber security along with managing supply chain risks.
Although all these initiatives are at very early stage, but will probably lead towards an upsurge of blockchain movement in the federal government as soon as novel benefits are recognized.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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