The United States government has not provided any clear regulations for blockchain technology or cryptocurrencies but will use the underlying invention to improve public security according to a solicitation published by the Department of Homeland Security (DHS).
The U.S Department of Homeland Security (DHS) is in charge of protecting U.S residents from terrorism, cybercrime, natural disasters, and other public security issues.
As reported by Cryptoslate, the solicitation was issued by the U.S government on behalf of the DHS and called for developers who can build or are building blockchain-based solutions that can improve the level of security service rendered by the agency.
Approved proposals will get $800,000 funding in four phases from the government to develop their solution.
According to the solicitation call - developers are welcomed to apply if their solution can address unique issues that are facing public-issued government documents in the area of:
- Issuance and Verification
- Storage and Management
- Ease of use of Government credentials.
Applauding Blockchain Technology and its Potentials
What perhaps catches the eye in the call for submissions is that the DHS praised blockchain technology and acknowledged that the invention has the power to revolutionize many government based services.
Beyond public security, the agency said blockchain and Distributed Ledger Technologies (DLTs) could bring “enhance transparency and auditing of public service operations.”
Additionally, the invention can provide “greater visibility into multi-party business operations” and enable the “automation of paper-based processes to improve delivery of services to organizations and citizens.”
Any solutions released by sponsored startups will be released to other subdivisions of the DHS such as border control and mainstream transportation.
Blockchain Technology Continues To Thrive
Having the U.S Government allocate some funds to the development of blockchain technology-based solutions give evidence that the invention is no longer just a ‘hype.’
It has numerous potentials and have already come to the limelight in the U.S. which automatically implies that other regions of the world will follow.
For the global crypto community, there is hope that drawing attention to blockchain can eventually lead the world-power nation to regulate the industry.