Blockchain works as a decentralized book that is proved and shared by a computer network. It can be used to record data and to protect and confirm an exchange of assets, like commodities or currencies. Some financial establishments and Banks are increasingly investing in blockchain technology, estimating it might cut their costs and make their transactions rapid and more transparent. The government was studying in what way the technology might be used to manage and keep track of the division of public money, like grants and student loans, saying it might “foster a new culture of trust”. Cabinet Office Minister Matt Hancock said.” Government cannot bury its head in the sand and ignore new technologies as they emerge,” Matt Hancock said “That is partly what happened in the past in government with the web … We cannot let that happen again by standing still.” He also said
Britain has an irregular record with government IT systems. Former IT complications have hit the passport agency, the tax credit system and especially the National Health Service which was enforced in 2011 to broadcast the abandonment of a multi-billion pound arrangement to computerize each patient record.”Blockchain technology is not going to solve every problem; it’s not going to work in every context,” Matt Hancock said. The first bitcoin blockchain was launch just over seven years ago, some financiers and technologists estimate the technology will not be implement generally. Several compare the recent level of progress to the early days of the Internet. Former this year, the government’s chief scientific adviser impulse the government to discover how it might use blockchain.