The Isle of Man Government has begun to use the first public service based on Blockchain technology, with a model that one of its developers said could soon be replicated in the UK.
The Department of Economic Development in the Crown dependency has begun to use a Blockchain registry as a record of which companies on the Isle of Man are active in using the system of distributed online ledgers.
It has been developed by the island’s Government with the Manx ICT Association and Credits, a company that provides a platform for using the technology.
Nick Williamson, chief executive officer of Credits, said the service is supporting the Isle of Man’s regulation of the use of cryptocurrencies such as bitcoin and Ethereum, based on the Proceeds of Crime Act. It is also demonstrating the principles behind Blockchain as the basis for other uses.
“It’s been done as a way of showing you can access the Blockchain to validate trust and availability in the services,” he said.
“It’s up and running in the Department for Economic Development as an internal list, and in the next week or so we will put it out publicly so anyone can download and access the registry.”
Blockchain emerged initially to provide a public ledger of bitcoin transactions, and has been developed to provide a mechanism to check on the validity and audit a chain of transactions. It involves the use of blocks of timestamped transactions, all of which are linked into a chain.
Williamson said it can provide a means of assurance, with users being able to view the linked registries and confirm they were inserted by government employees.
“As a former tax haven they are making moves to add transparency to certain processes, to create a more open way of doing business,” he said. “This is leading them to take a lot of interest in the use of Blockchains.”
Williamson said that Credits and its partners are looking at other use cases with the Isle of Man Government. These are still largely hypothetical, but they do not necessarily involve the use of cryptocurrencies, and he hopes that further services could be launched within the next few months.
He added that the company has also been talking with a number of UK public authorities about creating services using Blockchain.
The news comes days after Cabinet Office Minister Matt Hancock, said that Blockchain has considerable potential for government, and that its use in managing the distribution of grants is already being investigated.
Earlier this year the Government Office for Science published a report that said distributed ledger technology could reduce fraud, corruption and error and promote more trust between government and the public.
- Dash Unveils Evolution Roadmap and Three-Year Plan - June 27, 2017
- Seven Major European Banks Select IBM to Bring Blockchain-Based Trade Finance to Small and Medium Enterprises - June 27, 2017
- EOS Blockchain Operating System Unveils Year-Long Token Distribution - June 27, 2017
- Blockchain Application Platform Lisk Announces First Major Release, Lisk Nano 1.0 - June 27, 2017
- Blockchain Startup AdEx, a Decentralized Ad Platform Developer to Launch a Token Sale - June 27, 2017
- First Ever Real Estate Project on Blockchain Launches in Amsterdam – ICO Today - June 26, 2017
- World’s first decentralized speech recognition platform plan to raising up to $3M on ICO - June 26, 2017
- A2B Direct to Launch a Blockchain Platform and Hold an ICO - June 24, 2017
- The ‘under the radar’ ICO, Populous. A platform tackling the Multi-Trillion Dollar international billings industry. - June 23, 2017
- Blockchain Startup TrueFlip Reinvents Business with 600 Year Long History of Fails - June 23, 2017
- EXMO exchange lists WAVES Blockchain Project - June 23, 2017
- Blockchain Startup DECENT Launch Date Announced - June 23, 2017
- Adex, A Decentralized Ad Network, Taps WINGS Platform For Community Engagement, Token Sale Value Discovery And Social Promotion - June 23, 2017
- Comcast’s Advanced Advertising Group And Participants Announce Blockchain-based Technology Platform - June 22, 2017
- Online Platform for Gamers to Release a Cryptocurrency for In-game Skins Trading; Launches an ICO - June 22, 2017
- Colu Launches Digital “Local Pound, East London” Currency to Empower Local Economies - June 21, 2017
- bitJob.io is Building a Student Employment Program on the Ethereum Blockchain – Launching ICO - June 21, 2017
- Blockchain Project Waves launches landmark USD gateway - June 21, 2017
- Status.im Raises $270m in Three Hours – Shattering Token Raise Record - June 21, 2017
- World’s First Mobile Data Exchange DENT Seeks to Disrupt Telco Market with Blockchain - June 20, 2017
- Financial Inclusion Company Everex Takes Home RemTECH Award For Ethereum Apps - June 18, 2017
- SONM Raises $42 Million in Token Raise - June 18, 2017
- WISeKey partners with the Blockchain Interface company RIDDLE&CODE to develop innovative solutions for securing IoT via Blockchain technology and crypto-hardware - June 17, 2017
- Bancor Announces $153 Million Raise, Largest Token Generation Event in History - June 17, 2017
- CORION Announces Final Coin Sale Details to Build its Revolutionary Platform & Stable-Rate Currency - June 17, 2017
- Enhancing the value of history with ZenDao – ICO announcement - June 16, 2017
- FunFair Announces Token Creation Event on June 22 for World’s Fastest Blockchain Casino Platform - June 15, 2017
- Blockchain Technology Venture Nimiq Announces Token Sale - June 14, 2017
- Outlier Ventures Makes Multi-Million Dollar Investment in Distributed IoT Marketplace ‘IOTA’ Through Major Token Purchase - June 14, 2017
- Bancor Token Allocation Event Smashes Record – Raises over $150 Million - June 13, 2017
- Consensys Introduces Omega One - June 12, 2017
- MetaX and DMA Join Forces to Launch adChain: a Blockchain Solution to Digital Advertising Fraud - June 12, 2017
- Aeternity Raises $24 million Over Phase Two of Token Sale - June 12, 2017
- HyperChain Capital announces Collaboration and Investment in CoinDash - June 12, 2017
- Community-Driven Cryptocurrency Credits Announces First Public Release - June 12, 2017
- Bancor Protocol Foundation Announces New Partners Before Upcoming Token Allocation Event - June 12, 2017
- Investors from Russia are launching a venture fund formed on blockchain - June 12, 2017
- Bancor Adds Heavyweight Advisory Team to their Foundation – Token Allocation Event Kicks off Today - June 12, 2017
- Bancor Protocol Foundation Adds Author and Euro Designer Bernard Lietaer as Chief Monetary Architect - June 10, 2017
- Russian Billionaire Announces Business Incubator on Waves Platform - June 9, 2017
- Bancor Launches Crowdfunding Valuation And Promotion Via Wings Dao On Ethereum - June 9, 2017
- Coinsilium invests in Indorse.io Decentralised Professional Network - June 8, 2017
- Cofound.it Breaks Pre-Sale Record, Selling Out With Priority Pass Before Public Token Sale - June 7, 2017
- Cofound.it Token Pre-Sale Reaches $5 Million Threshold Within Three Hours, Announces First Three Projects - June 5, 2017
- Blockchain Startup DECENT Testnet #2 Launched! - June 4, 2017
- Blockchain Challenge Dubai Announces Winners- Awarded $45,000 - June 4, 2017
- Waves Ceo Sasha Ivanov: Blockchain Will Lead To Rapid Progress Not Only In State Administration, But Also In Business - June 4, 2017
- Exscudo ICO Successfully Concluded – $5M Dollars Raised - June 1, 2017
- Aventus launches Ethereum-based Event Ticketing Solution - June 1, 2017
- Brave Token Sale Blasts Records With $35 Million in 30 Seconds - June 1, 2017