The federal government could increase spending on blockhain technology programs through fiscal 2022 as agencies move forward with initiatives in that area, issue open solicitations and implement use cases, Bloomberg Government reported Wednesday.
BGOV found that blockchain-related government contract obligations grew $1M during FY 2019 and projected that obligated funds will reach the $7.1M-$15.1M range in the current fiscal year. The report noted that most of the projects are currently in the pilot phase.
In FY 2018, agencies doubled blockchain spending to $13.3M for various applications including financial management and supply chain operations.
Most blockchain investments detailed in BGOV’s report are task-orders and low-value contracts. Entities such as the General Services Administration and the departments of Homeland Security and Health and Human Services have already begun to test blockchain tools, with DHS having eight programs in place.
A 2019 IDC Government Insights report prorjected that agencies would spend more than $123M in blockchain initiatives in 2022.