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Sunday, May 9, 2021
Home News UK Government Wants to Tap Blockchain Technology to Track Government Spending

UK Government Wants to Tap Blockchain Technology to Track Government Spending

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.”

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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