A new Deltek analysis shows that federal spending on blockchain technology increased by 140 percent from fiscal year 2020 to FY 2022, reaching $11.85 million in FY 2022.
Alex Rossino, advisory research analyst at Deltek, wrote in the article published Wednesday that federal investment in blockchain technology is rising driven by government concerns with tax evasion and cryptocurrency fraud.
In the last three fiscal years, Department of Defense components have devoted significant funds to blockchain-related research and development efforts, particularly in the areas of secure data sharing and supply chain tracking.
The FBI, Department of the Treasury, Securities and Exchange Commission and other federal agencies are investing in analytics tools designed to monitor cryptocurrency transactions.
According to Rossino, the demand for blockchain tech expertise is starting to reflect in solicitations for multiple-award contracts and small businesses could help meet that growing demand by developing a workforce of engineers with knowledge of the technology.
