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London-headquartered GovCoin Systems Limited is a startup developing a blockchain-based platform to reduce friction and fraud costs in the distribution of social welfare and aid. It has been named by the UK government as the provider of a new technology to support government aims in the distribution of benefits.
The British Minister for Welfare Reform at the Department for Work and Pensions, Lord Freud, commented on the ongoing trial: “We have been working with GovCoin Systems (and their partners, Barclays, RWE npower and University College London) for this trial. Claimants are using an app on their phones through which they are receiving and spending their benefit payments. ... (read more)