Jomar Soto

Objective: To review the literature on the current state of blockchain. Method: A review of academic papers obtained from academic databases, a white paper, a federal report, a memorandum opinion and information from industry sources were used to have (I) an overall sense of the current state of the blockchain technology, (II) potential uses in government and (III), current examples or potential uses of the technology. Findings: Most sources say the technology has a groundbreaking nature, having potential in multiples areas government and the private sector. The accounting potential still looks unresolved but accountings firms like Deloitte have interest in the technology. The technology can reduce cost in multiple areas of the private sector and government, increase transparency and security thanks to an advanced security mechanism. There are technical challenges still to resolve. The law lag must be minimized to keep up with the technology and its implementations. Conclusion: The government and the private sector must approach a fail fast and frequently development process with this technology on small scale projects to better understand it and implement it properly. More academic research is needed and there is a lot of space for it since it’s a technology still in an early development stage.