Blockchain To Run Welfare Show, Finland May Set Example
Finland has recently started an unprecedented social experiment that will be watched around the world amid gathering interest in the idea of a universal basic income. It has become the first country in Europe to start paying an unconditional monthly sum to its unemployed citizens. During the next two years, 2,000 unemployed Finns, aged 25 to 58, will receive a guaranteed sum of 560 euros. The money will replace the social benefits they have been receiving so far and will be paid even if they find work. Kela, Finland’s social security authority, says that the project is aimed at reducing....
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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....
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....
Last week the Bank of Finland joined the growing list of worldwide central banks interested in blockchain technology. Finland’s central bank, collaborating with the Ministry of Finance, held a seminar which discussed the possibilities offered by distributed ledgers. Bank of Finland Hosts Blockchain Seminar. On November 24 the Bank of Finland gathered....