The UK government feels blokcheyn for the system of social payments
UK Government Department for Work and Pensions Affairs conducted an experiment in which blokcheyna system is used for the distribution of social benefits. The division has partnered with Barclays banking institution, the German energy company RWE and startup GovCoin from University College London.
The London-based startup blokcheyn GovCoin Systems Ltd was selected by the British Department for Work and Pensions for a regional for the social benefits of the experiment.
The project was presented during the conference on payment systems at the beginning of the month, in a statement, David Freyer - Minister for Social Security reform. As quoted by the minister edition Payments Compliance, Freyer said that the project's success or failure will be determined by the impact on individuals receiving social benefits.
Freyer told the audience:
"We ran a small test of the North-West and we want to see if we can distribute social benefits, using this technology, and more importantly - to see that the people will benefit from this approach."
The system will include a mobile application and blokcheyn which records payments sent or received by the recipients of social assistance.
It should be noted that the experiment was preceded by a report published in January by the UK Government for Science, which called on the Government to conduct experiments using blokcheyna technology.
The report specifically mentions the hypothetical "payment management system of social support for the Department of Labor and Pensions", to highlight its potential in the field of safety and full transparency.
Speaking of the experiment, the deputy chairman of Barclays Corporate Banking Jeremy Wilson noted that blokcheyn provides an additional layer of data and identification connected to social payments. This chain is secure, immutable data will contribute to a more efficient exchange of information and social benefits between the applicants and the Government.
In a statement, Wilson talked about blokcheyna technology:
We are interested to see how the positive potential of this service develops and adds a quality we need transparency and reliability.
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