The message that was drafted by the Treasury’s Bureau of the Fiscal Service (BFS), contains several lessons that the authorities collected while experimenting with a an evidence of concept blockchain system.
The BFS recommended the officials to overcome the hype spreading around blockchain technology and impartially envisage whether a distributed ledger add value to their operations. According to the bureau, the systems of this kind are most rewarding for departments where central gatekeeping is costly (especially when stuff verify transactions) and there is less common trust between the various parties in the ecosystem.
The US Treasury also pointed out that the governmental services are better state their projects with non-technical people and DLT sceptics to test the suggested system “through a gauntlet” in order to observe whether it is really useful. That can be determined by the following way: if a working team is consisted of pro-blockchain people only, they can be “blinded by the hype and force a square peg into a round hole”. So, setting blockchain technology through a gauntlet would help the officials to understand the usefulness of the method and to monitor if it reaches the other side. The blog also recommended developers to dedicate expansive time to inquire stakeholders rather than leaping straight into devising the system.
The Treasure Blockchain program started in October and it was aimed to utilize DLT-based systems to track physical assets (smartphones or computers). Agency authorities appreciated the technology`s ability to decrease forgery and magnify efficiency.
The Treasury's financial crimes division has been directed to enforce President Trump's recent order preventing US citizens and residents from dealing with the “Petro” (a state-backed cryptocurrency issued by Venezuela). It was the first time when the president has officially ordered a government department to take action towards a blockchain-based technology.