US Treasury plans to use blockchain to track smartphone and computer movements

posted 12 months ago
A major agency within the US Department of the Treasury is planning to track the movement of smart phones, computers and other office assets in a new blockchain pilot project.

The Bureau of the Fiscal Service's Office of Financial Innovation and Transformation (FIT) said yesterday that it has hired an as-yet-unnamed contractor to build a prototype system in order to "track and manage physical assets (for example, computers, cell phones, and the like)." Formed in 2012 through the merger of two separate agencies, the bureau is chiefly responsible for borrowing money to fund the government as well as handling interagency payments and accounting.

The bureau will test whether its physical assets can be monitored and reconciled in real-time as they are transferred from person to person throughout the pilot, using blockchain to create a digital record of those exchanges.

According to today's announcement, the blockchain test is one of two being launched by FIT. The other will see the bureau develop automated programs for streamlining its financial management processes.
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