Distributed Ledger Projects Started By UK Government With $26 Million Fund

Innovate UK, the United Kingdom’s technology development arm is doubling its support for blockchain-based technologies, announced on Monday.

The country’s nondepartmental public office said about investing about $26 million (£19 million) in projects, which use distributed ledgers. The agency will also offer a further $16,8 million (£12 million) for businesses trying to recruit graduates to help develop their project.

This new announcement is the latest innovation by UK, which is looking for new ideas in the blockchain technology. The agency sought pitches from groups last year to implement blockchain tools into health technologies.

Moreover, UK Innovate gave an award to a blockchain startup with amount of £248,000 for cross-border financial transactions.

The announcement says, that the projects, which are focused on distributed ledger technology may surpass the funds in areas, such as machine learning, artificial intelligence, virtual reality, etc.