Utah-Based Blockchain Firm Receives $794,000 Funding from US Government

Salt Lake City based startup has been granted a total of $794,000 funding from the Department of Homeland Security’s Small Business Innovation Program (SBIR).

The DHS Cyber Security Division is going to help manage the research project geared toward designing and building “a decentralized key management system for Blockchain technologies.”

This is part of a wider set of awards geared toward research contracts for working with Blockchain technologies totaling $2.25 million.

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 DHS, through its SBIR program has funded other Blockchain startups before including BlockCypher and Digital Bazaar. This is in line with the DHS hoping to expand its investments in Blockchain research.

Other US Government branches such as the National Science Foundation (NSF) are looking to fund up to $8.5M split between seven to nine companies of up to $1M dollars per award.

The US Department of Health and Human Services (HHS) is also soliciting white papers for Blockchain applications that can benefit health care and health research.