US Government Funds Blockchain Key Management Tool With $794k Grant

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July 24, 2017 4:00 pm | By Jit Sutradhar Business News Identity Legal

US Department of homeland security

A blockchain startup has received new funding from the US government to develop blockchain key management solutions.

Announced on 20th July, the grant for $794,000 to Salt Lake City-based Evernym was sourced from the Department of Homeland Security’s Small Business Innovation Program (SBIR). That initiative has doled out funds to blockchain startups in the past, including Evernym, which has previously received a grant from DHS focused on the development of key management tools.

According to DHS, Evernym will design and build “a decentralized key management system for blockchain technologies”. The research project is being managed by the department’s Cyber Security Division.

William Bryan, acting DHS Undersecretary for Science and Technology, said in a statement:

“A better, more secure method is needed to safeguard the identity and privacy of web-users. Research in blockchain holds significant potential to provide a solution that will make it considerably more difficult to hack an online user’s identity.”

The SBIR program is a contract awards program that aims to get small businesses involved in federal research and development initiatives. Other startups that have received funding from DHS include BlockCypher and Digital Bazaar.

DHS is just one part of the US government that has moved to fund blockchain initiatives, such as the National Science Foundation.

Image Credit: Mark Van Scyoc / Shutterstock.com

Article Source: http://www.coindesk.com