VA Eyes Blockchain To Simplify Contract Closeouts

Law360 (June 13, 2018, 4:38 PM EDT) -- The U.S. Department of Veterans Affairs is considering using blockchain technology to streamline its contract closing process, according to a recently filed request for industry input on the issue.

The VA is seeking reports on how the decentralized, secure digital ledgers can be "implemented into standard/routine government contract procedures, and in particular, contract close-outs," the department's June 7 request reads. The agency is considering using the relatively new technology, made famous for fueling the rise of digital currencies like bitcoin, to keep track of the various steps involved in finalizing a contract and verifying that work has been completed.

"Because considerable...

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