UK looking at bitcoin technology for tracking taxpayer money, says minister

Blockchain, the technology that underpins the bitcoin currency may be used to increase efficiency in distribution of taxpayer money

The UK government is exploring using the blockchain technology that underpins the bitcoin currency to increase efficiency in the distribution of taypayers' money such as grants, a minister said on Tuesday.

A blockchain works as a decentralised ledger that is verified and shared by a network of computers, and can be used to record data as well as to secure and validate an exchange of assets, such as currencies or commodities.