United Kingdom’s Department of Work and Pensions (DWP) Considers Blockchain Technology
The Pension and Welfare Agency of the United Kingdom has recently affirmed that it would look more closely at the blockchain technology.
The announcement, which was made on a blog post on the official blog, affirms that the Department of Work and Pensions (DWP) is looking for ways to rework its infrastructure.
Richard Laycock, the deputy director of the agency, wants a more modern and efficient system, one that can be easy to scale, will work fast and be constantly available. The blockchain technology, the department believes, may offer what the agency needs in order to innovate, so they are ready to look further into it in order to make the decision.
The department has already started to use some services such as One Pay FX, which was created by the Santander Bank. This service, which uses the blockchain, has helped the entity to get closer to its goals. Because of this initial success, the team is now focused on whether to start using other options as well or not.
Laycock has affirmed that, by looking at the blockchain, the entity could find several new ways of boosting its payment structures. He also cited the U. S. Federal Reserve (Fed), which was about to use a new system called FedNow, which would work in a similar way.
The world is changing quite fast, so the technology needs to change together or these institutions could face major problems. Only by ditching the old ways and using the technology in a clever manner that these institutions will be able to achieve better results in the long run and continue to be relevant.