The US Treasury Department is concluding a series of tests of a blockchain-based platform that monitors grant payouts. The agency is nearing the completion of a proof of concept program that would track the letter of credit for recipients of financial grants.
The blockchain-based program tokenizes letters of credit which are transferred to grantees through peer-to-peer transactions. The process enables the Treasury Department to monitor the release of grant payouts from the government’s purse to qualified recipients.
Blockchain is on of the best innovations to ever hit humanity judging from its decentralized and transparent nature. Many countries have adopted and are working on their blockchain technology just like China. Also via the Blockchain tech, Countries like Venezuela have developed their own cryptocurrency dubbed Petro.