UK Pension Office Relies on Blockchain Technology
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.