The U.S. Treasury Department concludes a series of Tests in a block chain-based platform that monitors the disbursements of grants. Program Manager Craig Fischer reveals that the authority program is nearing completion of a Proof-of-Concept, to pursue the letter of credit for a recipient of financial aid.
The block chain-based program tokenized letters of credit that are transferred through Peer-to-Peer transactions on the grant recipient, reported FCW. The method allows the Ministry of Finance to monitor the release of grant payments from the state budget, to qualified recipients.
The Token to store relevant data, including the promotion amount and the information on the grant recipient. The grant money is sure to have the recipient electronic Wallet connected to a Bank account.
Fischer, who describes his thoughts on the Blockchain in an article by Nextgov, in which he reflects on the billions of dollars that governments and private companies with the “technology, which underpins Bitcoin”, have made, confirms that the new U.S. Department of the Treasury platform is a private System, in contrast to a decentralized, open network that can be viewed by the Public.
Fischer takes (freely translated):
This is not the Bitcoin network, where everything is visible for everyone.
The development follows Comments by US Treasury Secretary Steven Mnuchin, an outspoken critic of Bitcoin and crypto-currencies, the Blockchain technology is popular, describing the digital Assets as a “national security issue”.
While he spoke at a hearing of the financial services Committee of the house of representatives last month, rejected Mnuchin, the idea of creating a digital currency to the Central Bank.
He describes (freely translated):
The Chairman Powell and I have discussed this. We both agreed that we will see in the near future, in the next five years, no need for the Federal reserve, a digital currency.
China is willing to make the introduction of 5G before
The Chinese telecommunications giant China Unicom is preparing for the arrival of the 5G Era. As the China News Network reported, hopes the Manager Chen Xiaotian that will bring the advent of the Blockchain, the Internet of Things (IOT) and other digital technologies in China to become a global leader in this area.
Xiaotian takes (freely translated):
The advent of the 5G Era has brought many disruptive business opportunities in China’s supply chain.
Last year Juzix reported that the IoT-announced Department of China Unicom and Wanxiang Blockchain in their partnership through the creation of the IoT and Blockchain Joint Innovation Center.
Xie Hongjun, the Chief Operating Officer of Plato, a highly efficient, trusted crypto-currency, computer network, said at the signing, why the Blockchain is an integral part of the 5G roll-out (freely translated):
When we talk about 5G, we’re talking just about a network of new Generation, which is able to transfer data at a much higher speed and a lower latency time in comparison to a 4G network…
The problem of security [within] of the Compounds is one of the most compelling reasons to use the Blockchain, since the Blockchain is designed to be used as the Basis for applications that involve a transaction and interaction. Thus, the blockchain is the answer to the challenges of the IoT.
Featured Image: Wit Olszweski | Shutterstock