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FinTech startup Credits becomes first official blockchain provider to UK Government
Posted by Billy Wood on 02 Aug 2016
London-based startup Credits has become the first official blockchain provider to the UK Government after the firm was awarded a place on the G-Cloud 8 contractor framework by the Crown Commercial Service.
It means the firm, which was founded in 2014, could soon be providing its secure distributed ledger technology across the public sector in areas such as the NHS, health and education.
Blockchain has been the buzzword on many analyst’s lips as a way to ensure transparent governance, with the Government Chief Scientific Adviser, Sir Mark Walport going as far to say that the tech ‘has the potential to redefine the relationship between government and citizens in terms of data-sharing, transparency and trust’.
The core innovation at the heart of distributed ledger technology is the blockchain which provides a secure and untamperable database of financial or non-financial transactions and cannot be manipulated by one single entity.
Government trials have already taken place with welfare overpayment identified as one area where the technology could save the state billions of pounds.
Commenting on the news Nick Williamson, Chief Executive Officer said: "Credits is pleased to have been awarded a place on the G-Cloud 8 platform.
"We are excited by the huge potential of Distributed Ledger Technology for many different government and public sector applications, and are looking forward to working with UK public sector organisations to improve the efficiency and effectiveness of their services for UK taxpayers."