26 Apr '16, 1pm

UK looking at bitcoin technology for tracking taxpayer money, says minister

The UK government is exploring using the blockchain technology that underpins the bitcoin currency to increase efficiency in the distribution of taypayers’ money such as grants, a minister said on Tuesday. A blockchain works as a decentralised ledger that is verified and shared by a network of computers, and can be used to record data as well as to secure and validate an exchange of assets, such as currencies or commodities. Banks and other financial institutions are increasingly investing in blockchain technology, reckoning it could cut their costs and make their operations faster and more transparent. The cabinet office minister Matt 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”. “The government canno...

Full article: http://www.theguardian.com/technology/2016/apr/26/bitcoin...

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