Mon. Jul 15th, 2019

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Finance Blog

Bitcoin Innovated Blockchain Technologies Expanded To Track Welfare Activities

2 min read

The Government of the United Kingdom started the trial implementation of blockchain technologies in tracking the welfare benefits that are distributed among the recipients in 2016. As a matter of fact, the bitcoin which innovated the Distributed Ledger Technologies or DLTs and other blockchain technologies in the year 2008, faced hundreds and thousands of questions, barriers and oppositions on the authenticity and reliability of these technologies. In the course of a few years, the same bitcoin innovated DLTs and other blockchain technologies played a key role in different government and business sectors including welfare activities for its reliability, security and authenticity. Indeed, bitcoin, irrespective of its numerous ups and downs, restrictions and rejections, is growing enormously beyond the cryptocurrency-related digital currency transaction to all sectors across the world. Participate in the cryptocurrency movement of bitcoin through Paychain.

The DLTs and the blockchain originally initiated by the bitcoin is a global platform which easily tracks the transactions without a central authority or government. In simple, through this technology, any purchase can be done without the support of any bank or financial institution. The purchaser becomes his or her own bank and gets full control of his or her money through this technological application particularly in bitcoin and other cryptocurrency transactions.

The social welfare payment distribution tracking trial using the blockchain technologies started in June 2016 and Lord Freud, the minister for welfare reform in the department of work and pension, explained the application of blockchain technologies in the trial on early July 2016. The recipients used an app in their phones to accept and spend their payments, and with their full knowledge and consent, their transactions were stored in a distributed ledger to track their expenditure and further support them in their financial management.

This trial was done in association with other agencies like GovCoin Systems, Barclays, RWE npower, and University College London. The GovCoin Systems played a significant role in the trial of this venture and have been working with government and non-government organisations. The company further claimed that they are working exclusively to track and reduce the one trillion USD annual loss in the distribution of social aid and welfare due to fraud and friction.

The tracking of distribution of social welfare and aid using blockchain technologies made sense and the system tracked all necessary components as well as general expenditures such as non-essential purchases like luxury goods and alcohol etc.

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