GovCoin Systems Working on Blockchain Social Welfare Payments Distribution Trial for UK’s Department for Work and Pensions

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GovCoin Systems Limited has been named as the London-headquartered financial technology company trialling new technology to support government aims in the distribution of benefits.

Speaking at the Payments Innovation Conference 2016 on 4 July, Minister for Welfare Reform at the Department for Work and Pensions Lord Freud highlighted the ongoing trial saying,

“We have been working with GovCoin Systems (and their partners, Barclays, RWE npower and University College London) for this trial. Claimants are using an app on their phones through which they are receiving and spending their benefit payments. With their consent, their transactions are being recorded on a distributed ledger to support their financial management.”

The key to the proof-of-concept trial, which commenced in June, is to develop a secure and effective technology that users adopt and use to handle payments.

Robert Kay, Chief Executive Officer, GovCoin Systems Limited, said:

 GovCoin Systems brought together a team with deep expertise in core financial services infrastructure and global transaction services to build a platform with the potential to improve people’s lives. This proof-of-concept is the first concrete stage in that journey. We believe in a flexible, open and collaborative approach and are already working effectively with Barclays and RWE npower to develop creative answers to the complex problems faced.”

Jeremy Wilson, Vice Chairman, Corporate Banking at Barclays, said,

“This initiative focuses on adding an additional layer of richer data and identity onto payments, so that a deeper and more effective relationship can be established between the government and claimants. We are keen to see how the positive potential of this service develops and adds to our wider efforts to explore the uses of distributed ledger technology.”

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.

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