U.S. Federal Government Blockchain Projects Continue Post-FTX Collapse

Despite all the noise, hype, and confusion brought upon us by the “Fall of Saigon-like” FTX collapse, the United States federal government is still actively exploring the use of blockchain technology to modernize its operations and improve efficiency. By leveraging a distributed ledger system, the government may be able to create tamper-proof records of transactions, reduce costs associated with document management, streamline processes, and create a more secure environment for data storage and sharing.

The use of blockchains could also help enable the use of smart contracts for automated processes and enable faster and more secure payment processing. With these benefits in mind, the federal government is actively researching and testing blockchain solutions to tackle some of its core challenges. This is great news for transparency, efficiency, and accountability: all things that citizens expect from their government in a democracy. Here are just a few of the ways that blockchain technology is being explored (or currently used) by the federal government right now:

• The Food and Drug Administration (FDA) announced that it would use blockchain technology to improve the accuracy of food and drug safety data.

• The Department of Defense (DOD) is looking into ways to use blockchain to secure weapons and supplies. They are also exploring ways to use blockchains to secure data related to critical infrastructure.

• The National Institute of Standards and Technology (NIST) has been researching ways to use blockchain to secure and share data between government agencies.

• The US Patent and Trademark Office (USPTO) has also been researching ways to use blockchain to protect and store intellectual property.

• Department of Homeland Security's (DHS) Blockchain program is focused on using blockchain technology to secure and protect critical infrastructure.

• The Department of Treasury announced that it would begin using blockchain technology to streamline the process of issuing government debt.

• The Customs and Border Protection (CBP) announced that it would use blockchain technology to help track goods and cargo throughout the US. 

• National Aeronautics and Space Administration (NASA) is researching the use of blockchain for space-related applications, such as asset tracking and supply chain management.

• The National Institutes of Health's (NIH) Blockchain program is studying the use of blockchain for medical research and data sharing.

• National Science Foundation (NSF) is funding research into blockchain technology and its potential applications across multiple industries.

• The National Highway Traffic Safety Administration (NHTSA) is researching the use of blockchain for vehicle-to-vehicle (V2V) communication and autonomous vehicle coordination.

• Small Business Administration (SBA) is now researching the use of blockchain for small business financing and other financial services.