UK Trials Blockchain-Based Social Welfare Payments
London-based blockchain and fintech startup GovCoin Systems Ltd., has been chosen by the UK Department for Work and Pensions to trial a new blockchain-based trial for welfare payments. In a press release today, it is revealed that the United Kingdom’s Department for Work and Pensions has an ongoing proof-of-concept trial where welfare payments are being recorded on a distributed ledger or blockchain. The trial commenced in last month in June, with the aim to develop a more effective and tamper-proof technology to be adopted by recipients of the welfare system. The trial also sees the....
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The UK government’s Department of Work and Pensions is spearheading an experiment in which a blockchain system is used to distribute welfare payments. The department has partnered with UK-based banking institution Barclays, the UK arm of German energy firm RWE, fintech startup GovCoin and University College London. The project was unveiled during a payments conference earlier this month during a talk given by David Freur, state minister for welfare reform. As quoted by regulatory data provider PaymentsCompliance, Freud suggested that the project's success or failure would be determined by....
The UK Department for Work and Pensions is currently trial testing a blockchain-based prototype that may be used to deliver a more robust system of welfare payments. Can Blockchain Technology Improve Welfare? The news was revealed at the Payments Innovation Conference 2016 on July 4 by Minister for Welfare Reform at the Department for Work and Pensions,....
At The Payments Innovation Conference on 4 July, conservative minister Lord Freud has announced that the Government has been developing and testing blockchain technology to keep track of welfare benefits. Intention to revolutionize welfare system. The platform developed by the Department of Work and Pensions and GovCoin, a London-based startup, is undergoing a proof-of-concept trial where payments are recorded on a distributed ledger. The trial’s participants include Barclay, Npower and University College London. Robert Kay, CEO of GovCoin said: “GovCoin has united a team of strong....
Greenpeace, the non-governmental environmental organization, is on its way to receiving donations in a new digital currency based on the same blockchain technology which fuels Bitcoin. On Saturday, December 3, the M.A. Blockchain, a decentralized public welfare system model based on the tech behind bitcoin, was introduced in Montreal, Canada. The Mind Asset Global Development Foundation (MAGDF or “the Foundation”) is working towards the development of its blockchain tech, M.A. Blockchain. MAGDF’s Secretary General, Steven Bradley, said in a speech that “resolving the issue of trust through....
Two banks in India have reportedly partnered on a series of blockchain trials aimed at testing the waters for potential new services. Axis Bank and Kotak Mahindra Bank are working on early concepts related to cross-border payments and transaction settlement, according to Indian news portal LiveMint. The news closely follows that of ICICI, another Indian banking institution, is working with Dubai-based Emirates NBD on similar initiatives. Combined, the two partnerships signal strong interest among India’s banking sector in applications that focus on the movement and settlement of funds.....