UK Turns To Blockchain To Monitor Welfare Spending

A senior UK government official has outlined plans to use distributed ledger technology to track welfare claimants’ spending, revealing that a real-world trial is already underway.

Conservative peer Lord Freud, the minister of state for welfare reform, said yesterday that payments made by nine benefit claimants are currently being recorded using blockchain technology as part of a “small scale exploration of behavioural effects”.

Freud said more individuals have agreed to join the Department for Work and Pensions (DWP) trial, which has been developed in partnership with GovCoin — a UK-based fintech start-up — as well as Barclays, energy giant RWE npower and University College London.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial