The U.S. Department of Health & Human Services (HHS) is going to be implementing a new data monitoring tool based on Blockchain technology. According to a recent report released by FedTech Magazine, the new tool is called HHS Accelerate and it will be streamlining the process of producing and executing contracts.

Blockchain technology continues to expand all over the world and improve many different services and companies. The technology has been used already in the supply chain, remittances and real estate markets. Now, the U.S. HHS is working with it to simplify the contract acquisition function.

This new tool will be giving contracting officers working at the HHS greater insight and visibility into their acquisition function. At the same time, with a better visibility, it will be possible to mitigate the costs and time spent on the acquisition lifecycle.

Back in December 2018, Jose Arrieta, the associate deputy assistant secretary for acquisition at HHS, said that there were some problems regarding the access to real-time data. With HHS Accelerate the agency is able to have fast access to standardized data. Blockchain technology can help data to be decentalized by dividing it into smaller sub-sets.

Arrieta commented on this issue:

“That is extremely powerful. It’s like going to Target; let’s say you’re buying an iPhone – you lool up the price on Amazon and find out it’s $30 cheaper. You show it to the Target cashier and they give you a discount. That is the empowerment of the acquisition workfoce and empowerment of the contracting professional.”

Before being released, there are some improvements that must be performed to have everything ready to be used. Several companies are starting to work with distributed ledger technology (DLT) and improve their services and products.

Even large banks and financial institutions are starting to use blockchain tech. Some of these companies are JP Morgan, that created the permissioned blockchain Quorum. Another firm is JD.com that is tracking food since it is produced until it reach the consumers.

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