Blockchain represents a new paradigm for digital interactions and serves as the underlying technology for most cryptocurrencies. NIST researchers have been investigating blockchain technologies at multiple levels: from use cases, applications and existing services, to protocols, security guarantees, and cryptographic mechanisms.
A contract notice dated March 4 indicates that work continues on a multi-departmental research project within the U.S. government focused on using blockchain tech to track grant payments.
The project has been in operation since the beginning of 2020. The project includes the National Institute of Standards and Technology (an agency within the Department of Commerce) along with the US Department of the Treasury and the Defense Information Systems Agency, which is part of the US Department of Defense.
The proof-of-concept involves the use of blockchain-based data or tokens to represent letters of credit. The hope is that the project might one day help make the existing system, described as cumbersome by federal officials, more transparent and efficient.
Per the March 4 contract notice, NIST wants to employ a Maryland-based firm called Prometheus Computing, LLC to assist in the project.
As the notice describes:
“The government-wide blockchain application research effort has involved internal exploration and testing of Department of Treasury systems, including cryptographic function issue identification, and collaborative interagency relationships requiring mutual trust. It is important for information technology security purposes that this work be limited to as few researchers as possible. Inability to continue the ATO process for the blockchain development research through to completion with the original contractor would jeopardize security as well as the trust and confidence of collaborating agencies in NIST.”
Nevertheless, the financial details of a contract are not available during press time, but reports conclude that it would last for six months including a six-month optional extension.
