The government’s first use of blockchain technology is likely to be for monitoring the distribution of grants, it has announced.
In 2014, the government gave the Alan Turing Institute £10m to investigate digital currencies and distributed ledger technologies.
Speaking at a brainstorming event on blockchain in government yesterday, Cabinet Office minister Matt Hancock said that officials believe blockchain would be well suited to monitoring grant distribution.
He said: “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.”
Related content
Blockchain and the public sector
Addressing the challenges posed by compliance with the Freedom of Information Act 2000
Hancock said that the Bitcoin cryptocurrency had proved that distributed ledgers could be used to track currency as it passes from entity to entity.
He said: “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.”
However, Hancock said that blockchain technology was unlikely to work in every context within government.
He warned: “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.”
Yesterday’s event to brainstorm uses of blockchain within government was run by Digital Catapault and Imperial College’s Centre for Cryptocurrency Research and Engineering.
Very well written information. It will be valuable to anyone who utilizes it, including yours truly :). Keep up the good work – can’r wait to read more posts.
Thank you for any other informative web site. The place else could I get that type of information written in such an ideal way? I’ve a venture that I’m simply now working on, and I’ve been on the glance out for such info.
Hi just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same outcome.
Thanks a lot for sharing this with all of us you actually know what you are talking about! Bookmarked. Please also visit my site =). We could have a link exchange contract between us!
I have been examinating out a few of your posts and it’s pretty good stuff. I will surely bookmark your website.
I just could not depart your site prior to suggesting that I really loved the standard info a person provide on your visitors? Is gonna be back often in order to check up on new posts
You made some decent factors there. I appeared on the internet for the difficulty and found most individuals will go along with along with your website.
I was wondering if you ever thought of changing the layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or 2 images. Maybe you could space it out better?
you are really a good webmaster. The site loading speed is amazing. It seems that you are doing any unique trick. In addition, The contents are masterpiece. you have done a magnificent job on this topic!
I like the helpful information you provide to your articles. I will bookmark your blog and check again right here frequently. I’m fairly sure I will be told a lot of new stuff proper here! Best of luck for the following!
After research a number of of the weblog posts in your web site now, and I actually like your way of blogging. I bookmarked it to my bookmark web site listing and might be checking back soon. Pls take a look at my website online as properly and let me know what you think.
I used to be recommended this web site through my cousin. I’m no longer positive whether or not this publish is written by means of him as no one else understand such distinctive about my trouble. You are incredible! Thank you!
Hello there! I know this is kind of off topic but I was wondering which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be fantastic if you could point me in the direction of a good platform.
It’s perfect time to make a few plans for the future and it’s time to be happy. I have learn this submit and if I may just I want to counsel you some attention-grabbing things or tips. Maybe you can write next articles relating to this article. I desire to read even more things approximately it!
Generally I do not read article on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing style has been surprised me. Thanks, very nice post.
Howdy just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.
As a Newbie, I am permanently exploring online for articles that can aid me. Thank you
Thank you for another magnificent article. The place else may anybody get that kind of information in such a perfect means of writing? I’ve a presentation next week, and I’m on the search for such info.
Great write-up, I’m normal visitor of one’s web site, maintain up the excellent operate, and It’s going to be a regular visitor for a long time.
I’m not that much of a online reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your site to come back down the road. Many thanks
Excellent site. A lot of helpful information here. I’m sending it to several pals ans additionally sharing in delicious. And naturally, thank you for your effort!
The other day, while I was at work, my sister stole my apple ipad and tested to see if it can survive a thirty foot drop, just so she can be a youtube sensation. My apple ipad is now broken and she has 83 views. I know this is totally off topic but I had to share it with someone!
Howdy! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?
Terrific post however , I was wondering if you could write a litte more on this topic? I’d be very grateful if you could elaborate a little bit more. Bless you!
you might have a great weblog here! would you prefer to make some invite posts on my blog?
I think other website proprietors should take this website as an model, very clean and great user friendly style and design, as well as the content. You are an expert in this topic!