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UK - Matthew Hancock Proposes Blockchain to Track Taxpayers Money

HM Government

#MatthewHancock has been one of the strong proponents of the #digitalcurrency in the past. He had also suggested the use of #bitcoin and other #blockchain applications for various government initiatives in the past. While his suggesting for the use of blockchain was shot down by the politicians due to its connections with the #deepweb #marketplaces and its use to buy #illegal and #contraband substances, this new proposal should not be a hard one to implement.....

....The use of #blockchaintechnology is already being contemplated by multiple #Englishbanks and #financialinstitutions and with the #Ethereum platform progressively becoming stronger each passing day, it will be easy to implement such a platform in the government sector as well....

UK Looking at Bitcoin Blockchain to Track Taxpayers Money

The UK Government is exploring the Blockchain as a possible way to increase efficiency. The digital currency, Bitcoin’s distributed ledger may help distribute #taxpayersmoney as well as #grants and #studentloans ....

"Government cannot bury its head in the sand and ignore #newtechnologies as they emerge, said Hancock. - That is partly what happened in the past in government with the web ... We cannot let that happen again by standing still."

....The UK has had a sketchy record with government IT systems in the past with previous IT problems having hit the passport agency, the tax credit system and most famously the National Health Service which was forced in 2011 to abandon a multi-billion pound blueprint to computerise every patient record....

Bitcoin grant

Politicians have been wary of linking blockchain initiatives to bitcoin on account of the latter’s association with the dark web and black markets, according to Quartz. #GeorgeOsborne , the Chancellor of the Exchequer, has used the term “digital currency” rather than bitcoin....

...The #CabinetOffice , however, showed little hesitancy in discussing bitcoin, noting the use of bitcoin to disburse funds is a possibility. A government spokesperson said it is exploring any type of blockchain technique, including bitcoin....

“There are a number of areas blockchains can be used, including government grants,” the spokesperson said.

It can be used to track the money and it gets tax payers a better deal, potentially....

Like many Western and European nations, Britain is also feeling the impact of global economic slowdown, which is currently being reflected in the country’s policies. By incorporating decentralized ledger technology, the government can bring in more accountability, weeding out possible corruption in its ranks.....

Read Full Articles....

UK Looking at Bitcoin Blockchain to Track Taxpayers Money>>

Matthew Hancock Proposes Blockchain to HM Government>>

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