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ExtraTorrent.cc > Articles > UK Government Might Use Bitcoin Technology

UK Government Might Use Bitcoin Technology

UK Government Might Use Bitcoin Technology

Added: Friday, April 29th, 2016
Category: Bit Torrent Freedom > The Industries Of Records, Gaming, Software, Movies
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, www.extratorrent.cc, 2016
The British government is currently considering using the blockchain technology on which the Bitcoin currency is based in order to increase efficiency in the distribution of taxpayers’ money. As you might know, a blockchain operates as a decentralized ledger verified by a network of computers. The blockchain can be used to record data and secure and validate an exchange of assets.
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Today, banks and other financial institutions are increasingly investing in blockchain technology, because they understand that it could allow to cut their costs and speed up their operations. The UK government was also examining how the blockchain technology could be used to manage and keep track of the distribution of public money.

It should be noted that the United Kingdom has had a patchy record with government IT systems. Previously, a number of government agencies have suffered from IT problems, including the passport agency, the tax credit system and even the National Health Service. The latter was forced to announce the abandonment of a multibillion pound scheme to computerize every patient record 5 years ago.

The opposers of the technology said that blockchain wouldn’t solve every problem or work in every context, because it is still too young: the original Bitcoin blockchain was started just 7 years ago. In the meantime, most financiers believe that the technology won’t be adopted broadly for another 5 to 10 years. Overall, the current level of development can be compared with the early days of the Internet. In 2016, the government’s chief scientific advisor recommended the government to explore how it could use this technology. At the time, the Bank of England called it a “key technological innovation” and hired a team to find out the possible ways to use it – for example, for issuing central bank money.

Posted by: 
SaM

Date:  Friday, April 29th, 2016



Comments (2) (please add your comment »)

1
posted by Trusted UploaderSite FriendET loverSupermanKitty (2016-04-30 16:13:00)
SirSeedsAlot avatarand it allows them to buy cocaine on the web lol

2
posted by (2016-05-03 20:15:15)
No avatarOh come on Number 1, we all know that CASH is the main tool used by criminals and corrupt Governments Bit coin is but a mere drop in the ocean, lol



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