ŪŗÁ‚ŗŪŤŚ

US Treasury Publishes 5 Tips For Blockchain Projects

US Treasury Publishes 5 Tips For Blockchain Projects

The US Department of the Treasury has just published five tips for building blockchain projects.

According to the Bureau of the Fiscal Service website, the list is based on the lessons staff learned while working on a proof of concept blockchain system for tracking physical assets, such as computers or cars, which began last autumn.

After months of tinkering with distributed ledgers, the first and most important insight offered is for people to ask themselves:†Is blockchain technology a good fit for this concept?

These are some of the questions the Treasury recommends using to determine if blockchain technology is central to the project:


Do you need a structured central repository of information?
Is more than one entity reading or writing transactions to a database?
Is there less than total trust between parties/entities in the ecosystem (for example, one user will not accept the "truth" as reported by another user)?
Are central gatekeepers introducing costs and /or "friction" when verifying transactions (for example, manual verification)?
Are there routine or logical interactions that occur that could be programmed to self-execute (for example, smart contracts)?

If the answer to several of those questions is yes, the next step could be interviewing a variety of different stakeholders to understand their pain points, the Treasury states. It also recommends seeking out diverse teams and documenting the entire process, to help spot weaknesses and opportunities.

The website warns, though:

"Include both blockchain skeptics and non-technical people. A team comprised of only pro-blockchain people can be blinded by the hype and force a square peg into a round hole."

The advice concludes by advising that entrepreneurs carve out time for explaining the basics of blockchain technology to everyone from investors to lawyers. Again, this is because diverse perspectives can help teams get beyond the hype surrounding blockchain experiments.

"There is no way to sugar coat it - agency governance processes can be time-consuming," according to the website. "Building enough time into your project plan to present and explain blockchain technology in clear, easy-to-understand terms will help you plan for, and move through the process swiftly."

Department of the Treasury image via Shutterstock

20.03.2018 / 10:05 85
Lithuanian Central Bank Seeks Developers for Blockchain Sandbox Lithuanian Central Bank Seeks
Bank of Lithuania, the country's central bank, announced on Friday that it is soliciting proposals from software developers to kick off its LBChain
Puerto Rico Creates Blockchain Advisory Council Reportedly To Filter Legitimate Projects Puerto Rico Creates Blockchain Advisory
The Puerto Rican Department of Economic Development and Commerce is creating a public and private sector based Blockchain advisory council. Puerto
SEC Publishes Warning Against Unlawful Crypto Exchanges SEC Publishes Warning Against Unlawful
On Wednesday, March 7, the U.S. regulator the Securities and Exchange Commission (SEC) published a letter concerning the potential of unlawful online
US Regulations May Require ICOs to Report Suspicious Investors US Regulations May Require ICOs to
Initial Coin Offerings must comply with laws associated with money laundering and anti-terrorism that require reporting suspicious†investors to
South Africaís Central Bank Launches Ethereum-Based Blockchain PoC South Africaís Central Bank Launches
The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based
Comments (0)
Add a comment
Comment on