Service: Solution for welfare payments

Responsible organisation: UK government (Central-Government)

The UK government has been conducting trails with tech startup GovCoin on developing a blockchain solution for welfare payments. The trail, saw claimants use a mobile app to receive and spend their benefits payments. The transactions, with the consent of all parties, were recorded on a distributed ledger in order to help facilitate financial management. A primary feature of the GovCoin system is that claimants are paid in cryptocurrency rather than Sterling. This is an important way of gathering more data about both how the funds are spent but also about the individual doing the spending. The hope is that this data will allow for the creation of better targeted goods and services.

Additional information

Source Open Innovation Regione Lombardia
Web site https://blockchaintechnology-news.com/2017/11/govcoin-aims-disrupt-uk-welfare-system/
Start/end date 2017 -
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