Some members of the US congress are advocating for the use of blockchain technology in the management and distribution of government palliatives. These members believe that new technologies will improve efficiency, speed and streamline the current process.
About 11 members of congress made their position known in a letter addressed to Steven Mnuchin, Secretary of the Treasury of USA.
In the letter, they suggested that the use of blockchain technology has the potential to improve the process of fund disbursement while ensuring there is transparency.
They also noted that the adoption of new technologies in government relief programmes would enable the government to track how the supplies are routed. It would also increase the speed of accountability, as government agencies will be able to access data real-time.
Any particular reason for advocating blockchain?
According to Soto, a member of congress and co-chairman of the blockchain committee, blockchain applications are the most secures tools that can help manage the current supply chain crisis of essential supplies.
Speaking with private sector developers and entrepreneurs, he noted that blockchain platforms, coupled with artificial intelligence, will bring tremendous results in database management and control. He stated that blockchain platforms are more secure, as records are immutable, data is decentralised, and the occurrence of hack unlikely, based on the structure.
Will this pandemic cause a spike in the adoption of blockchain technology?
Yesterday, we gave a report of the World Economic Forums tool kit, that encourages the use of blockchain solutions to solve the supply chain crisis that is happening in different parts of the world as a result of the COVID-19 pandemic. Earlier in the year, the Chinese government had also adopted blockchain technology, through a partnership with ANT financials, in payment of COVID-19 insurance claims.
