UK government looks to blockchain tech to track taxpayer money

UK government looks to blockchain tech to track taxpayer money

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

Having been slow to adapt to the internet era, government must avoid making the same mistake with new emerging technologies such as the blockchain, Hancock told the audience at a distributed ledger event.

"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," says the minister.

For instance, the Student Loans Company could use the technology to track money from the Treasury to students' bank accounts. Meanwhile, the Department for International Development could keep up with funds sent to aid organisations working in other countries.

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".

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