UK department for work and pensions partners GovCoin for blockchain trials
Jul 8, 2016
Friday 8 July 2016 | 12:33 PM CET
UK Department for Work and Pensions has partnered GovCoin Systems, a UK-based blockchain and fintech startup, to deploy a new blockchain-based trial for welfare payments. UK’s work and pensions department has already an ongoing proof-of-concept trial where welfare payments are being recorded on a distributed ledger or blockchain. Barclays, RWE npower and University College London participate within the trial. Claimants are using an app on their phones through which they are receiving and spending their benefit payments. With their consent, their transactions are being recorded on a distributed ledger to support their financial management. Although details of the trial are currently scarce, it stands as one of the early examples of a blockchain application and solution, in the public sector, according to cryptocoinsnews.com.