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.”