The US Department of Health & Human Services (HHS) has disclosed its intent to implement a new blockchain-based data monitoring tool. The HHS Accelerate tool is expected to streamline the contracts execution process.

As stated, HHS Accelerate will offer better insight and visibility of contracts acquisition to the HHS contracting officers. It is also expected to reduce costs and time spent on acquisition lifecycle.

Jose Arrieta, Associate Deputy Assistant Secretary at HHS, has stated that the blockchain-based monitoring tool will not only provide real-time access to standardized data but also enable decentralized storage of data.