Page 25 - July 2018 Disruption Report

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State of Illinois
The State of Illinois recently announced a consortium of Illinois state and county agencies, known as the Illinois Blockchain Initiative, who will collaborate to explore innovations presented by Blockchain and distributed ledger technology. DoIT is actively engaged
in this effort. The goal of the initiative is to determine if this groundbreaking technology can be leveraged to create more efficient, integrated and trusted state services, while providing a welcoming environment for the Blockchain community. Blockchain and distributed ledger technology has the potential to transform the delivery of public and private services, redefine the relationship between government and the citizen in terms of data sharing, transparency and trust, and make a leading contribution to the State’s digital transformation. For more information on the initiative, visit the website.
U.S. Department of Treasury
The Bureau of the Fiscal Service’s Office of Financial Innovation and Transformation
(FIT) has launched two pilot projects exploring innovative technologies - Robotic Process Automation and Distributed Ledger Technology - that can boost efficiency, strengthen accountability, and cut paperwork for the Federal government. Distributed Ledger Technology have both been shown to accelerate processing times, create efficiencies, and strengthen financial controls in the commercial sector. FIT believes Blockchain should be explored and applied to government challenges just as they have in the commercial sector. For more information on the initiative, visit the website. (Blockchain Programs, GSA)
The Bureau of Consumer Financial Protection launches a “regulatory sandbox” for fintech firms
Mike Mulvaney, acting director of the Bureau of Consumer Financial Protection (BCFP), announced that the agency has launched a “regulatory sandbox” to encourage fintech firms to develop new products and services. The sandbox will be headed by Paul Watkins, formerly a lawyer in the Arizona’s Attorney General’s office, who helped the state launch its own regulatory sandbox,
which allows new financial technologies and products to be tested in a controlled environment with reduced regulatory risks.
The BCFP’s new innovation office will examine a wide array of disruptive technologies, including cryptocurrencies, blockchain applications, private currencies, microlending and alternatives to traditional credit-scoring methods.
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