The British government is considering disbursing research grants using bitcoin or some other blockchain-based currency, according to Matthew Hancock, the Minister of the Cabinet Office and Paymaster General. Matthew Hancock In a speech at Digital Catapult, a government-funded think tank., Hancock said the Cabinet Office has begun exploring ways to use blockchains with a particular interest in how it could be used in the disbursal of government research 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,” Hancock said.
In validating bitcoin’s usability, he stated: Bitcoin proved that distributed ledgers can be used to track currency as it is passed from one entity to another. Blockchain Versus Bitcoin?
Politicians have been wary of linking blockchain initiatives to bitcoin on account of the latter’s association with the dark web and black markets, according to Quartz . George Osborne , the Chancellor of the Exchequer , has used the term “digital currency” rather than bitcoin.
In August of 2014, the chancellor announced a series of measures to support the growth of the country’s fintech sector and encouraged exploring the potential of digital money. Osborne last year announced £10 million ($14.5 million) in funding for think tanks, including Digital Catapult, to study digital currency technology. (Osborne did, however, use a bitcoin ATM as a guest speaker at Innovate Finance that year.) Cabinet Office Acknowledges Bitcoin
The Cabinet Office, however, showed little hesitancy in discussing bitcoin, noting the use of bitcoin to disburse funds is a possibility. A government spokesperson said it is exploring any type of blockchain technique, including bitcoin.
“There are a number of areas blockchains can be used, including government grants,” the spokesperson said. It can be used to track the money and it […]
