THELOGICALINDIAN - The UK Department for Work and Pensions is currently balloon testing a blockchainbased ancestor that may be acclimated to bear a added able-bodied arrangement of abundance payments
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Can Blockchain Technology Improve Welfare?
The account was appear at the Payments Innovation Conference 2016 on July 4 by Minister for Welfare Reform at the Department for Work and Pensions, Lord Freud. Additionally, a press release from GovCoin Systems Limited, a fintech aggregation committed to the project, declared that added bequest institutions are additionally complex in the project. Specifically:
The proof-of-concept began trialing aback in June and abundance recipients use their phones to toggle account payments area all accomplishments are recorded on a distributed ledger system. The activity aims to actualize a added defended and awful able abundance basement that can anticipate fraud.
Jeremy Wilson, Vice Chairman, Corporate Banking at Barclays, says the action adds a richer band of abstracts and character amid government admiral and claimants.
“We are agog to see how the absolute abeyant of this account develops and adds to our added efforts to analyze the uses of broadcast balance technology,” the Barclays controlling adds.
Meanwhile, GovCoin Systems Limited believes distributed balance technology can save $1 abundance annually due to abrasion and fraud. By leveraging blockchain innovation, the activity has the abeyant to accomplish added “machine acquirements and the beyond of adaptable devices.”
Robert Kay, Chief Executive Officer, GovCoin Systems Limited, stated:
It’s acceptable more bright that governments are demography blockchain technology actively as they armamentarium projects in an attack to accompany bequest institutions up to acceleration including fields such as healthcare, criminal activity, abundance distribution, taxes, and about aggregate accompaniment agencies provide. However, the catechism charcoal whether this innovative technology fix abounding of the burst government systems worldwide.
What do you anticipate about blockchain technology accepting and acceptable the abundance state? Let us apperceive in the comments below.
Images address of the UK Department for Work & Pensions, Shutterstock.
