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UK government exploring blockchain tech to distribute taxpayer money

government blockchain

The UK government is exploring ways in which it can use blockchain technology to distribute taxpayer money “fairly and securely”, according to Matthew Hancock, minister for the Cabinet Office and Paymaster General.

Speaking at a blockchain networking event held in London today, Hancock announced that the government would begin to look at blockchain technology as a practical solution to manage and track taxpayer money that is distributed on behalf of departments to agencies.

Following his keynote address at the event, Hancock, said:

“We have worked very hard in recent years to transform government, to bring it up to date with the Internet age. We’ve made great strides, but there’s still a very long way to go. Government cannot bury its head in the sand and ignore new technologies as they emerge.”

“If a Government doesn’t keep up with new and innovative technology, it falls behind on the ability to provide services for its citizens. We want to stay at the forefront. I believe as technology becomes part of the fabric of the nation, it must become part of the fabric of government,” continued the minister.

The news comes after the government committed £10m to the Alan Turing Institute to investigate digital currencies, such as bitcoin, and distributed ledger technology in October last year.

Interested in blockchain technology? Read issue 10 – The Blockchain Issue – of Tech City News’ magazine online here.