Blockchain Technology:
Possibilities for the U.S. Postal Service RARC Report Report Number RARC-WP-16-011 May 23,2016 Cover E x e c u ti v e S u m m a ry T a b le o f C o n te n ts O b s e rv a ti o n s A p p e n d ic e s Print Executive Summary Blockchain technology allows peers to exchange money directly without the need for a traditional fnancial intermediary, lowering the cost and increasing the speed of transactions. However, it is proving to be much more than a way to transfer monetary value. At its core, blockchain technology is a way to transfer any kind of information in a fast, tracked, and secure way. The technology is only in the early stages of development and it is hard to recognize its full potential at this formative stage. However, developers are beginning to explore blockchain solutions outside of fnancial services. These new applications include property transfers, the execution of contracts, authentication services, network and device management, and records management. Despite their novelty, blockchain applications are gaining mainstream traction. Major banks, such as Citibank and JPMorgan Chase, and government entities, such as the U.K. and Estonian governments and Australia Post, are experimenting with how blockchain technology can help them keep better records and provide services that are more effcient. The Postal Service could likewise stand to beneft from monitoring and experimenting with this technology. The U.S. Postal Service Offce of Inspector General (OIG) contracted with Swiss Economics, a consulting frm with interest and expertise in blockchain technology, to better understand the technology and its features, as well as identify areas of potential interest for the Postal Service. Highlights Blockchain technology has the potential to disrupt services that traditionally require intermediaries. Originally created to transfer fnancial value, specifcally within the context of the peer-to-peer currency known as Bitcoin, blockchain is now viewed as having the potential to be an effcient and secure way to transfer any kind of information. Mainstream banks, governments, and other companies are starting to experiment with how they can use blockchain technology in fnancial applications and in new application areas such as property transfers, authentication services, and records management. Because blockchain technology may disrupt areas in which the Postal Service currently does business, it may be wise to begin studying its impact and experimenting with its future possibilities. This paper proposes that blockchain technology could impact the Postal Service’s business in several ways. For example, blockchain is already disrupting the global fnancial services industry — an industry the Postal Service is involved in through services such as money orders and international money Blockchain Technology:
Possibilities for the U.S.Postal Service Report Number RARC-WP-16-0111 E x e c u ti v e S u m m a ry T a b le o f C o n te n ts O b s e rv a ti o n s A p p e n d ic e s Print transfers. Additionally blockchain is an enabling technology that could allow the Postal Service to improve its operations and expand its services through emerging applications such as identity management and supply chain management. This paper takes an exploratory look at the technology and suggests that it may be wise for the Postal Service to engage in further examination of, and even experimentation with, this technology in order to gain a better understanding of its potential impacts. The Postal Service could improve its existing services by beginning to experiment with the fnancial applications of blockchain. Specifcally, the creation of a fnancial platform using blockchain could leverage the technology to offer improved fnancial services such as money transfers. The platform could allow the Postal Service to streamline the back-end of this current service, making the service faster and cheaper for both the Postal Service and its customers. It could also be especially useful for international money transfers due to the technology’s borderless nature. In the long-term, the Postal Service’s experimentation with blockchain technology in fnancial applications could naturally expand into other applications enabled by the technology. In this paper, the OIG outlines three other areas of potential interest to the Postal Service: identity services, device management, and supply chain management. Summary of Potential Postal Blockchain Applications Financial Services Identity ServicesSupply Chain Management Device Management Streamline and Expand Existing Financial ServicesBuild and Manage the Internet of Postal Things Streamline Ecommerce by Integrating Tracking, Customs, and Payment Information Validate and Authenticate User Identities Source: OIG. Blockchain Technology:
Possibilities for the U.S.Postal Service Report Number RARC-WP-16-0112 E x e c u ti v e S u m m a ry T a b le o f C o n te n ts O b s e rv a ti o n s A p p e n d ic e s Print
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