British government considering blockchain for student loan payments

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British government considering blockchain for student loan payments

British government considering blockchain for student loan payments

LONDON —*The British government is considering the use of blockchain tech**logy, the backbone behind the Bitcoin currency, as a method of distributing taxpayers' money.

Blockchains, which act as a shared ledger verified by a network of computers, have already been used by banks who estimate the tech**logy could save them huge sums. The idea has also been trialled by the government of Estonia, the Guardian reports, and has been considered by the U.S. state of Vermont to track government records.

Ministers in the UK believe the concept could be implemented for the distribution of grants or student loans. Read more...


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