Blockchain Attractive to Feds for Reducing Risk

Ryan Granato_resized

By Ryan Granato, analyst

Blockchain has been around for some time, but the United States Government has not yet incorporated it into their portfolio, meaning there is huge opportunity to be had in this emerging market. Originally, blockchain was created as a supporting infrastructure for digital currencies such as bitcoin.

Imagine a dataset that is disseminated and duplicated multiple times across a network. Then imagine that the network, which supports the dissemination of this data, is designed to regularly update the data across all devices. Like the internet, blockchain technology stores identical blocks of data across the network. However, blockchain technology allows for decentralized data. This means that blockchain is immune to single points of failure and cannot be controlled by any single entity, which makes it very attractive to a government customer concerned about the increase in malicious network disruptions.

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Security Is the Key to Growing Fed Blockchain Interest

Lloyd McCoy Jr.

By Lloyd McCoy, Market Intelligence Manager

Blockchain technology is gaining interest from the federal government. This secure, decentralized and interoperable solution can reduce IT security costs – and that checks all the boxes in federal procurement.

Things are moving pretty quickly with federal blockchain adoption, which is significant given how the government can drag its feet on new technologies. Back in July 2017, the GSA held the first U.S. Federal Blockchain Forum to pose uses for the technology from 100 federal managers.

Since then, blockchain requirements have shown up in more solicitations throughout the federal procurement process.

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Blockchain is all the rage and now government is interested

Tom O'KeefeblockchainBy Tom O’Keefe, consultant

Everyone’s piling on blockchain as the hip buzzword of the year. Companies that have inserted blockchain in their name have seen their stock prices rise, and simply mentioning that blockchain is part of your technology can be a surefire way to secure investment from venture capital firms.

And now, the federal government is getting in on blockchain, with a recent NIST draft publication highlighting where and when blockchain could be valuable. And federal agencies are paying attention.

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