UK Government Wants to Tap Blockchain Technology to Track Government Spending

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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.”

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