Cryptography

US Postal Service sees potential in blockchain technology

The U.S. Postal Service is looking to use blockchain technology to shore up its systems while saving money, according to a new report by the agency's Office of Inspector General.

Used mainly for financial transactions, blockchain technology could also be used by USPS for property transfers, contract execution, authentication services, network and device management, and records management, according to the OIG report (pdf).

The OIG contracted with Swiss Economics, a consulting firm with interest and expertise in blockchain technology, to learn more, the report stated.

Blockchain technology "is a decentralized digital ledger that's accessible to millions of users and cryptographically secured, making it tamper-proof," according to a Government Executive article.