US Postal Service examining use of blockchain technology
The U.S. Postal Service has partnered with Swiss Economics to look into possible uses of the blockchain technology for its services. The USPS has released a report examining the potential applications of the technology in its business processes, according to an announcement.
With blockchain technology, the postal service might streamline processes such as international money transfers and money orders. It could also use the blockchain for identity services, device management and supply chain management.
In the report, the postal service lists various strengths of the blockchain:
- faster, irreversible transactions;
- lower costs;
- greater privacy; and
- no geographical limitations.
The report also listed weaknesses of blockchain technology:
- technological complexity;
- security concerns; and
- limited access to blockchain services.
The report is available for free download: https://www.uspsoig.gov/sites/default/files/document-library-files/2016/RARC-WP-16-001.pdf