British government considers paying out research grants with bitcoin – QZ – April 26th, 2016

The British government is considering paying out research grants with bitcoin

 “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 a speech at Digital Catapult, a government-funded think tank. Hancock cited bitcoin as a successful example of “distributed ledgers,” another phrase for blockchains, being used to track currency.

“The British government has steadily grown more vocal in its support for bitcoin and blockchains. Osborne used a bitcoin ATM in 2014, andtalked up its importance in making the UK a leading financial technology center. Last year, he went further, announcing £10 million ($14.5 million) in funding for think tanks, including Digital Catapult, to study the technology.”

“The government’s chief scientist has also studied the technology,publishing a report in January. A chapter of the report was devoted to uses of blockchains within government. “If applied within government it could reduce costs, increase transparency, improve citizens’ financial inclusion and promote innovation and economic growth,” the report said.”

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