The fintech start-up has become the first officially approved provider of distributed ledger services for the British government.
The company has been given a green light to offer its blockchain solution for public sector agencies. It works on the “platform as service” principle providing tools that allow customers to develop, run and manage applications without the challenge of building and maintaining a wholly new infrastructure.
According to the Credits' press release, this kind of service may be used by “organisations across the UK public sector including central and local government, the devolved administrations, health, education, emergency services, defence, and not-for-profits such as housing associations and charities.”
Earlier this year, the British government published an official report revealing the potential of blockchain technology to save millions of pounds by preventing fraudulent welfare payments. It has already started testing a new app which allows to see if welfare money is properly spent. Also, in the near future, blockchain applications may be implemented for more efficient exchange of medical data between doctors, fellowship payments and identity registration. In addition to that, in July the British Parliament held the first large-scale discussion concerning the introductions of national cryptocurrency.