Britain looking at blockchain for tracking taxpayer money, paymentsThe British government is exploring using the blockchain technology that underpins the bitcoin currency to increase efficiency in the distribution of taypayers' money such as grants, a minister said on Tuesday.
A blockchain works as a decentralized ledger that is verified and shared by a network of computers, and can be used to record data as well as to secure and validate an exchange of assets, such as currencies or commodities.
Banks and other financial institutions are increasingly investing in blockchain technology, reckoning it could cut their costs and make their operations faster and more transparent.
http://www.reuters.com/article/us-britain-government-blockchain-idUSKCN0XN1MQ
