Campaign finance is central to the functioning of America’s democratic system, yet it is wrought with public mistrust. A 2019 Gallup study found that only 20% of Americans are satisfied with the nation’s campaign finance system. While much focus has been put on proposed adjustments to the regulatory regime through policy initiatives, little attention has been paid toward improving the existing processes of compliance and law enforcement. Schweitzer Laboratories is working with BlockApps to address these challenges by reimagining campaign finance from the inside out, using blockchain to automate the core processes of data collection, real-time compliance enforcement and transparent disclosure.
Today, political committees meet their compliance burdens through antiquated manual data collection processes and rely on expensive compliance specialists or less experienced staff and volunteers. Campaign finance regulators also struggle to meet their law enforcement and public disclosure mandates because of tight budgets, short deadlines and structural limitations. Bad data in leads to bad data out, perpetuating mistrust in a system at the heart of American democracy.
4US was created to restore that trust. Built as a multi-sided platform for all political committees and regulators, regardless of size or political affiliation, 4US improves operational efficiencies and costs, while increasing transparency. With BlockApps STRATO, 4US utilizes private chains and smart contracts to offer committees the security and privacy they demand, while improving trust and transparency in the campaign finance system overall.
“4US was created to attack one of the biggest challenges in today’s geopolitical environment, ” says Will Schweitzer, Founder and CEO of Schweitzer Laboratories. “With trust in our democratic institutions at an all-time low, political leaders can leverage 4US to show their constituents they play by the rules in a way never possible until now. Our partnership with BlockApps ensures we’re working with technologists at the bleeding edge of blockchain innovation, and that we can continue to leverage this technology to improve our society.”
“STRATO smart contracts enable Schweitzer Laboratories to encode complex processes and rules directly into 4US,” explains Kieren James-Lubin, President and CEO of BlockApps. “A private chain for each committee ensures their data will remain accurate and secure, and that it can be leveraged as a reliable and transparent record of truth when it comes time for public disclosure.”
Through this unique combination of industry and technology expertise, Schweitzer Laboratories and BlockApps are pioneering this new use case for blockchain technology. 4US exemplifies how to solve the real-world operational challenges political committees and campaign finance regulators face, while also addressing a critical societal issue.