HUD Explores Blockchain for Grants, Sparking Controversy
The U.S. Department of Housing and Urban Development (HUD) manages billions of dollars in aid and secures more than trillions of dollars in mortgages. Now, it is considering using blockchain to track the spending of grant recipients.
The institution can also explore stablecoins as financial tools in its systems. However, the proposal sparked heated debate, especially when HUD faces challenges in financial management efficiency.
HUD’s encryption considerations raise concerns about the repetition of the crisis in 2008-2009
according to ProPublicaHUD hopes to use Blockchain– The core technology behind cryptocurrencies – Improve supervision of grant funds.
HUD officials said the idea of using blockchain and Stablecoins was driven by Irving Dennis, the agency’s deputy chief financial officer. Dennis, who has worked as a partner at global consulting firm EY, believes the technology can improve transparency and efficiency in grant monitoring. This area is historically complicated and easy to waste.
Additionally, Propublica reported that HUD officials held at least two meetings last month to discuss blockchain proposals. Staff from the Office of the Chief Financial Officer (CFO) and the Office of Community Planning and Development (CPD) participated in these meetings.
During the discussion, CPD explored the “Proof of Concept” pilot project. In this project, the blockchain will track the funds of the recipients of CPD grants.
“We may learn something from it, especially if the federal government is heading Stablecoin Adoption in the future. “An official who attended the meeting explain.
However, ProPublica quoted a HUD employee, saying concern: “People are trying to introduce another unregulated one Safety Entering the housing market seems to have never happened in 2008 and 2009. “Another official compared cryptocurrency to “monopoly currencies”, which means it may become worthless.
Doge highlights HUD’s internal financial problems
recent, Ministry of Government Efficiency (DOGE) The internal financial problems of HUD have been clarified, raising doubts about the agency’s ability to manage new technologies. Doge revealed that HUD had just completed the software license review and found serious waste.
“HUD completed the same review. Preliminary findings on paid software licenses: 35,855 ServiceNow licenses for three products; only 84.11,020 Acrobat licenses vs. zero user. 1,776 Cognos licenses; only 325.800 Westlaw Classic licenses; only 216.10,000 Java licenses; only 400. All of them are fixed,” Doge statement.
HUD’s official news account answer For the results of Dako’s investigation, it said the agency is reviewing every dollar spent and working closely with Doge to address taxpayer’s monetary waste.
At the time of writing, HUD’s official X account No announcement has been issued regarding discussions on blockchain trials.
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