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Cryptocurrencies and Blockchain will be in the forefront at the World Economic Forum in Davos this year with several forums on Cryptocurrency and Blockchain.

The US government is evaluating Blockchain technology since it has funded, collaborated, and partnered with businesses, other countries, and educational institutions to continually encourage and develop technology. innovative technologies and sciences. Contracts, transactions and intellectual property (IP) registrations are among the defining structures of the US economic, legal and political system. And government agencies trained to manage them must keep up with the digital transformation of the economy. As a result, Blockchain technology is being evaluated or is being implemented by several US government agencies to improve transparency, efficiency, and trust in information sharing:

Financial Management



Management of Computer Assets and the Supply Chain

Smart Contracts

Patents, Trademarks of author, royalties

Certifications issued by the government as visas, passports, safety certificates and birth certificates

Data on the manpower of federal personnel

Credits Delegated

Federal Aid and Foreign Assistance

General Administration Services (GSA)

GSA's Emerging Citizen Technology Off ice has launched the US federal blockchain program for federal agencies and US companies wishing to explore Blockchain technology and its implementation within the US government. Until now, GSA has used Blockchain to automate and speed up contract review for its FASt Lane program

Department of Treasury

The Treasury Department is conducting a pilot program to determine whether Blockchain technology can be used for supply chain management, which has accelerated processing times, created efficiencies and strengthened financial controls in the private sector.

Treasure Secretary Steven Mnuchin, who sits on a Davos Blockchain panel, partnering (PPP) with foreign investors to fund Trump's public infrastructure plan without incurring additional debt will be essential to honor the promise of modernizing roads, bridges, airports and other public works in the United States. It will stimulate economic growth in order to transfer a substantial risk of financing to the private sector.

PPPs typically involve a government agency identifying a potential project, determining that the project has sufficient revenue potential to attract investor interest, soliciting competitive bids, and then selecting one or more private sector entities to design, finance, build, operate and maintain the project. In a PPP, the government usually owns the project, but gives the private sector significant authority over its development and operation.

"Working with foreign investors will be an essential part of any plan we present and publish.Private partnerships are crucial to ensuring that the US taxpayer does not bear the total cost of any proposed program, "said Mnuchin.

The Treasury Department has also taken initiatives to improve the fight against money laundering. Terrorism Act (AML / CFT) "Cryptocurrency Laws Blockchain and formed PPP with financial institutions, to share information.

US Department of State

US Department of State emphasizes the importance of innovation in the world's economic development and encourages dialogue with private sector partners who currently use Blockchain technology.

"The State Department supports the public-private partnerships. For example, by maximizing the impact and responsibility of foreign development / assistance, blockchain technology providing transparency can tackle corruption, fraud or embezzlement and inefficiencies in the process of financing public procurement itself ".

Government procurement accounts for a substantial share of the global economy, accounting for 20% of GDP, or about $ 9.5 billion in public money. According to an OECD study, corruption disappears between 20 and 25%, or about 2 billion dollars a year. It represents a substantial share of taxpayers' money and remains the most vulnerable government activity to waste, fraud and corruption due to the importance of the financial flows involved. Corruption distorts the fair allocation of contracts, reduces the quality of basic public services, limits opportunities for developing a competitive private sector, and undermines trust in public institutions.

The countries of the world are placing technological innovation at the heart of supply, in order to turn purchasing into a strategic tool for revenue growth, national competitiveness and competitiveness. 39, improving health, economic well-being and quality of life in general. More than four dozen countries have created national innovation strategies and / or launched national foundations for innovation. These countries are easing the constraints of foreign direct investment, providing financing, financing, using public-private collaborations, tax breaks and asking the private sector abroad to make commitments to their country. By maximizing the impact and responsibility of development / foreign assistance, Blockchain technology can tackle corruption, fraud or embezzlement and inefficiencies in the process of Funding

Department of Defense

in the National Defense Licensing Act 2018 (HR 2810) promulgated on December 12, 2017, the US federal government and its agencies are studying the adoption of Blockchain technology in various fields, after carefully studying the risks posed by this new distribution. general ledger technology. This evaluation will shed light on the capabilities of Blockchain technology for the federal government and the Ministry of Defense's computing environments.

Department of Homeland Security (DHS)

DHS Awards Small Business Innovation Research Grants to Develop a Case for Using the Role of Technology Blockchain in Border Security

National Aeronautics and Space Administration (NASA)

Effective communication systems and effective computer techniques are essential to the success of each NASA mission. Increased accessibility of digital information and cost-effective technologies for manned and unmanned space flights should be better integrated through Blockchain technology. A new NASA grant to Akron University in Ohio will fund research to utilize deep-learning artificial intelligence that runs on an Ethereum Blockchain network to develop a resilient networking and computing paradigm in various spatial communication environments.

Blockchain is not a silver bullet for the digital government, but as this technology is more widely implemented, it could represent the future of smart and legal contracts and how entire industries in partnership with the US government behave in a transparent way.

Selva Ozelli, CPA, CPA is an international tax lawyer and CPA who writes frequently on tax, legal and accounting issues for TaxNotes, Bloomberg BNA, other publications and the OECD.

Selva Ozelli, Esq., CPA is an international tax lawyer and CPA who writes frequently on tax, legal and accounting issues TaxNotes, Bloomberg BNA, other publications and OECD. The opinions and interpretations of this article are those of the author and do not necessarily represent those of Cointelegraph.

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