UK Government Wants to Tap Blockchain Technology to Track Government Spending

317

Share with:


UK Minister for the Cabinet Office Matt Hancock told the audience at a recent Blockchain event that the UK government could use distributed ledger technology to track student loans and aid money.

“We’re exploring the use of a Blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex. A Blockchain, accessible to all the parties involved, might be a better way of solving that problem.”

“Bitcoin proved that distributed ledgers can be used to track currency as it is passed from one entity to another. Where else could we use that? Think about the Student Loans Company tracking money all the way from Treasury to a student’s bank account. Or the Department for International Development tracking money all the way to the aid organisation spending the money in country.”

Having been slow to adapt to the internet era, government must avoid making the same mistake with new emerging technologies such as the Blockchain, Hancock added.

“Now Blockchain technology is not going to solve every problem, or work in every context. When a trusted body already exists, for example, that can hold canonical data, that’s often the best solution. But the fact that data held in the Blockchain comes with its own history, and that history is a fundamental part of proving its integrity, this fact is enormously powerful.”

“These are just some of the ideas we’re considering in government. We’re still in the early days. That takes time, and a lot of careful thought.

And we want to hear from you. We’re relying on your brains to guide us, to help us take the next steps, and the right steps.

Today is all about Blockchain brainstorming.”

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Chronoform

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group