British government exploring potential blockchain use cases to track taxpayer money

Regulation | April 27, 2016 By:

The British government could use blockchain technology to track student loans and aid money, according to Minister for the Cabinet Office Matt Hancock.

Hancock said the government was examining how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans, saying it could “foster a new culture of trust”.

“We’re exploring the use of a blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex. A blockchain, accessible to all the parties involved, might be a better way of solving that problem,” said Hancock.

While cautioning that “blockchain technology is not going to solve every problem, or work in every context,” Hancock praised its “built-in integrity and immutability”.