UK Pension and Welfare Agency Examining Blockchain and DLT

CoinTelegraph

The United Kingdom pension and welfare agency has identified blockchain and distributed ledger technology (DLT) as technologies that could disrupt the payments industry.

In an Aug. 9 blog post, Richard Laycock, the deputy director of digital payments and banking systems at the Department of Work and Pensions (DWP) — an agency that manages the U.K.’s welfare and pension policies — said that the DWP is looking to transform its payments infrastructure.

In a bid to make its payment system “efficient, modern, fast, scalable, flexible, innovative and available 24/7,” the DWP is monitoring blockchain and DLT as possible disruptors to the payments system. Regarding DLT, Laycock further claimed:

Binance Banner  

“We are starting to see the first full production implementations, such as Santander’s One Pay FX. The benefits include reducing time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger.”

Among other options that could purportedly benefit the DWP’s payment system, Laycock also noted that open banking could enable new business models and products.

Earlier in August, the United States Federal Reserve Board revealed plans to release a real-time payments and settlements service in order to boost the payments infrastructure in the country. The agency is going to develop a new interbank real-time settlement service called FedNow to support faster payments in the U.S., which will purportedly launch in 2023 or 2024.

As Cointelegraph reported in a dedicated analysis, there is an emerging trend of utilizing hybrid systems in the payment sector that comprise both DLT and centralized systems.

In June, SWIFT announced plans to allow firms running DLT systems to use its global payments innovation platform. Visa also announced a new centralized payment network for business transactions that incorporates elements of decentralized technology.

Coinbase Banner  

Go to Source
Author: Ana Alexandre


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.