Close Menu
Crypto Valley Journal
    Facebook X (Twitter) Instagram
    Crypto Valley Journal
    • Hot Topics
      • News
      • Minds
    • Focus
      • Background
      • Blockchain
      • Legal & Compliance
      • Non-Fungible Token (NFTs)
    • Investing
      • Markets
      • Financial Products
      • Decentralized Finance (DeFi)
      • Exchange overview
    • Education
      • Basics
      • Glossary
      • Politicians on crypto
    • Statistics
      • Bitcoin-ETF-Flows
      • Ethereum-ETF-Flows
      • Crypto market data
      • On-chain data
    • Academy
      • Overview
      • Part 1: Blockchain
      • Part 2: Money
      • Part 3: Bitcoin
      • Part 4: Cryptocurrencies
      • Part 5: Decentralized Finance
      • Part 6: Investing
    • English
      • Deutsch
    Crypto Valley Journal
    You are at:Home » Focus » Blockchain » US Treasury department tests blockchain technology

    US Treasury department tests blockchain technology

    0
    By Editorial Office CVJ.CH on 27. February 2020 | Updated 22. April 2020 Blockchain

    The U.S. Treasury Department, which is responsible for the administration of government revenue, is testing blockchain technology to track federal grant payments.

     The Department intends to use a proof-of-concept program that will serve as a blockchain-based letter of credit for grant recipients, according to Craig Fischer. Fischer is the head of the innovation program at the Treasury department, and announced this at a conference, according to Federal Computer Week (FCW). 

    Tokenization helps the Treasury Department with identification

    According to the report, the test program uses accreditation tokens to track the flow of funds from federal reserves to recipients. Via tokenization, it should  be possible to identify the number of recipients, the amount of the money and important data such as the time that the tokens were awarded.

    Recipients of grants would have to have an electronic wallet linked to a bank account. Only then can the tokenised letter of credit be obtained. However, access would be limited and not publicly visible unlike the bitcoin network. The Department of the Treasury has been working on this project since September and is cooperating with San Diego State University, Duke University and the National Science Foundation. 

    Blockchain not the first time topic in the ministry

    This is not the first time that the ministry has dealt with blockchain technology. As early as 2018, it was working on a pilot project aimed at developing a blockchain-based prototype. This should enable the management of physical goods such as mobile phones or computers.

    Share. Facebook Twitter LinkedIn Email Telegram WhatsApp

    About the author

    Editorial Office CVJ.CH
    Editorial Office CVJ.CH
    • Website
    • X (Twitter)
    • LinkedIn

    Since 2018, the editorial team at Crypto Valley Journal has been reporting from Zug - the heart of Switzerland’s Crypto Valley - on Bitcoin, cryptocurrency, blockchain, and regulatory developments in digital assets. Behind the publication’s collective editorial voice is a team of writers with backgrounds in financial markets, law, and technology.

    Related Articles

    Isabel Schnabel of the ECB presented three models for central bank money onchain in London, ranging from direct issuance to private tokens.

    ECB sees three paths to digital central bank money (CBDC)

    NEAR Protocol

    NEAR Protocol: What’s Behind the 350% Price Surge?

    The SEC Innovation Exemption frees tokenized trading venues from exchange and dealer registration for five years, tied to volume limits.

    SEC opens onchain stock trading with Innovation Exemption

    Comments are closed.

    a16z crypto plans to become a16z frontier with a broader mandate, according to The Information, and general partner Ali Yahya is reportedly leaving.
    22. October 2026

    a16z’s crypto arm drops “crypto” from its name

    The OCC has published its final rule under the GENIUS Act, effective January 2027, and will review stablecoin rewards paid via partners case by case.
    21. October 2026

    US bank regulator OCC sets out stablecoin rules under the GENIUS Act

    FINMA has approved the first Bitcoin ETF in Switzerland, a retail fund that holds Bitcoin directly and is also open to private investors.
    20. October 2026

    FINMA approves Switzerland’s first Bitcoin ETF

    twitter image button instagram image button linkedin image button youtube image button

    About Crypto Valley Journal
    About Crypto Valley Journal

    On the pulse of the movement

    • Academy
    • Contact
    • Advertising
    • About us
    • Partner
    • Imprint
    • Privacy
    • Disclaimer
    Search
    © 2026 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.