UK Department of Labor and Pensions wants to use distributed ledger technology (DLT) to modernize welfare benefits.
Richard Laycock, deputy director of the ministry, announced plans increasing the efficiency, scalability, speed and flexibility of payment services in order to create an innovative system that will be available 24/7 and will allow 20 million customers to receive their funds on time.
The agency is currently studying various technology trends, including the growing popularity of DLT. According to Richard Laycock, we can now see the first examples of successful distributed ledger integration to reduce the time and cost of transactions, the frequency of failures, while simultaneously storing data in a secure environment..
Britain: a Nation on Benefits
Plans also include upgrading the payment architecture to accommodate changes in payment processing over time..
UK Department of Labor and Pensions wants launch an innovation system in 2021 along with the introduction of new standards transactions and consolidation of all payments. Additionally, overlay services and the ability to use open banking will be added.
Other countries are also actively integrating DLT and blockchain in various systems of public infrastructure. In June, Brazil launched a blockchain application for control over public procurement, and Rosobrnadzor plans to use blockchain technology to improve the efficiency of the USE system.
text: Ivan Malichenko, photo: Shutterstock