Govcoin, founded by former financier and entrepreneur Robert Kay, is piloting a UK blockchain solution in partnership with Npower and parent company RWE which allows welfare beneficiaries to have instant access to their benefit payments, improve ownership of identity and personal security, and eventually monetise their own data. The pilot will see the first 100 people who sign up for the service receive an initial payment of £150 (£50 per month) towards their monthly benefit. Kay is keen to emphasise that Govcoin is not funded by the government and no government ministry has access to the application or data.
Govcoin, founded by former financier and entrepreneur Robert Kay, is piloting a UK blockchain solution in partnership with Npower and parent company RWE which allows welfare beneficiaries to have instant access to their benefit payments, improve ownership of identity and personal security, and eventually monetise their own data. Next month's Phase 2 will see more than 1,000 volunteers using the app for six months and a big roll-out in Phase 3 is planned for Q4 2017. Kay is keen to emphasise that Govcoin is not funded by the government and no government ministry has access to the application or data.