The use of blockchain technology is gaining traction in all industries. The federal government has taken notice and has been exploring ways in which the technology may be used for its benefit.
While widespread use of blockchain in government likely will take time, it may be jumpstarted by the adoption of these capabilities by government contractors. One example of this is in the aerospace and defense arena, where such contractors can effectively utilize the technology to track and trace component parts, mitigate supply chain vulnerabilities, and effectively store and share vast quantities of in-flight data. Use of blockchain in the industry is just a part of the story. As detailed next, it will be used in many ways throughout the government.
Significant and rapid changes in the adoption of blockchain tech warrant the attention of government contractors. Potential blockchain solutions in government have the ability to, among other things, enhance secure data exchange and provide reliable access to information, facilitate device tracking, streamline the procurement process, and ensure supply chain security. This can lead to greater efficiency, as well as significant cost savings.