US Congressional Watchdog on Prototyping Smart Contracts

The supreme audit establishment of the United States, the Government Accountability Office (GAO), posted two job positions with its Innovation Lab in regards to the growth of prototype purposes for blockchain know-how throughout March.

Cointelegraph spoke to Chuck Young, the managing director of public affairs at GAO, to seek out out extra in regards to the company’s curiosity in distributed ledger applied sciences, or DLT.

GAO to refine auditing processes for blockchain

Young said that GAO’s main utility for blockchain might be as “a digital financial ledger” – indicating that the chief auditor is planning to make use of blockchain to maneuver worth.

GAO has additionally recognized “supply chain logistics and contract management” as “potentially useful applications [for] distributed ledger technologies.” The adoption of sensible contracts within the legislative department may streamline many basic governance processes.

“As a key player within the federal government’s oversight community, we are very interested in exploring key features of blockchain technologies that enhance transparency and security.”

The company will even use the venture as a chance to strengthen its auditing processes for blockchain transactions, with Young stating: “GAO will need to take incremental steps to better understand how it could audit blockchain technologies when asked to do so by the Congress.”

GAO to have interaction federal companies with expertise in DLT

Before making use of blockchain to any particular purposes, Young said that “GAO will conduct initial discovery work” in DLT.

The congressional watchdog will study the present state of blockchain applied sciences, the trajectory of their growth, and the computational sources required to facilitate scalable deployment of DLT-based techniques.

Additionally, Young notes that GAO will even interact with different federal companies which have prototyped purposes for blockchain so as to talk about the teachings they’ve realized from their trials.

GAO has been analyzing blockchain since 2013

While GAO’s exploration into blockchain will happen inside the context of the Innovation Lab of its Technology Assessment, and Analytics (STAA) group – which was established in January 2019, the company has performed audit work regarding DLT from as early as 2013.

Looking ahead, Young expects that GAO’s “oversight work around blockchain technologies” will proceed to develop.

“GAO will evaluate future plans on blockchain technologies once we have completed our initial prototyping efforts” he provides.

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