A Trap to Spy on Benefits Spending? UK Government Tests Blockchain for Welfare Payments
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....
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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,....
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....
A warning by Tesla and Spacex CEO Elon Musk about the mounting national debt in the U.S., government spending, and the proposal to tax unrealized capital gains has highlighted the benefits of cryptocurrencies, particularly bitcoin.
Elon Musk Says ‘Spending Is the Real Problem’
Tesla CEO Elon Musk made several tweets about the U.S. national debt and government spending last week. He also warned against the proposal to tax unrealized capital gains, aimed at billionaires, which was scuttled Friday amid questions about whether it would even be constitutional.
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A new decentralized app, or 'DApp', is aiming to challenge the idea that we need government taxation and welfare to take care of the poorest and most needy members of society - through an ambitious project to provide a basic income for anyone who needs it. The Basic Income project was announced this week by so-called 'Governance 2.0' service Bitnation, and is being developed in partnership with Johan Nygrenm of Reslience. Me. The idea behind the project is simple - to provide welfare support to people who need a little extra help during the tough times in their life, funded through....