Employees of the United Kingdom Department for Work and Pensions (DWP) are closely engaged in the study of distributed ledger technology for its further integration into traditional payment systems.
Richard Laycock, Deputy Director for Digital Payments and Banking Systems at DWP, decided to update the company's payment infrastructure: to make it more efficient, faster, scalable, innovative and flexible. For these purposes, the company decided to start researching blockchain technology.
“We are starting to see the first full production [DLT] 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,”
In addition, a senior official noted that it is possible to create totally new types of services, as well as business models with the help of the technology of a distributed registry.