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UK Government Offers Contract to Blockchain Startup Credits

Reading Time: 3 minutes by on August 4, 2016 Business, News

The Crown Commercial Service (CCS), an executive agency and trading fund of the Cabinet Office of the UK Government, has offered blockchain startup called “Credits” a contract on the G-Cloud 8 framework agreement.

G-Cloud is a program established by the CCS to offer the public sector an opportunity to find cloud technologies and support. The program is integrated within the Digital Marketplace of CCS, a platform in which public sector organizations including schools, hospitals, and government agencies can be supplied with technology-related services. The primary purpose of this framework is to offer cloud, network, and data-based services.

To host a cloud services with the G-Cloud 8 framework, a startups services must fall within at least one of the four following categories; Infrastructure as a Service (IaaS), which includes delivering webpages and hosting services. Secondly, Platform as a Service (PaaS) for building platforms to host new services and applications. Software as a Service (SaaS) such as accounting and customer service management tools and finally, specialist cloud services.

London-based firm Credits secured the nation’s first G-Cloud 8 framework contract with the UK government and has been granted the opportunity to provide blockchain-based distributed networks and applications for corporations and organizations in the public sector.

Through the contract, Credits will provide Blockchain as a service, falling under the category of Platform as a service, enabling UK public sector branches and leading institutions with enterprise-grade and easily deployable distributed ledger-based services.

The Credits team and the CSS believe that the company’s sophisticated permissioned blockchain networks and platforms will complement real-world infrastructure, which will enable the startup to provide suitable services that can be integrated into existing IT systems.

“Credits is pleased to have been awarded a place on the G-Cloud 8 platform,” said Credits CEO and co-founder Nick Williamson. “We are excited by the huge potential of Distributed Ledger Technology for a host of different applications, and are looking forward to working with UK public sector organizations to improve the efficiency and effectiveness of their services for UK taxpayers.”


Variety of Applications

The private blockchain networks offered by the Credits development team can be utilized in many existing applications and platforms in the public sector as an add-on feature to enhance their efficiency.

For instance, the UK is increasing its efforts in exploiting the potential of the blockchain technology in health care and insurance markets. The permissioned blockchain network-based services of Credits can be implemented to anchor private and sensitive data of insurance and healthcare companies onto the blockchain, which will greatly improve the security protocols and provide transparency to anyone on the network.

Leading fintech hubs, specifically London, are looking to utilize the capability of the blockchain technology to develop a robust and irrefutable chain of data to apply to many aspects of the public sector. More importantly, the distributed and decentralized nature of the blockchain network can provide a cross-industry or cross-border platform for many organizations and institutions to leverage.

Credits CEO Williamson envisions that the company’s specialized private blockchain networks will live up to the standards of London’s innovative fintech infrastructure, by providing a unique platform that enables administrators to selectively access private information.

“A private blockchain enables you to selectively limit access to private information so only authorized people can see it, while allowing everyone who is authorized to query the same data on a restricted basis. This makes it very useful for industries where there are different levels of data access, and privacy comes as a fundamental requirement,” explained Williamson.

He further explains that the Credits blockchain platform has a significant edge over traditional cloud-based applications because its ability to scale naturally, even with high volumes and increasing user base.

“Our platform has been built specifically for the scale and reliability needed in an enterprise environment. It can process high volumes at near real-time speeds, allowing it to be used in applications where time and volume of transactions are vital considerations,” Williamson added.

With the UK government and its agencies collaborating closely with emerging fintech and blockchain companies, organizations in the UK’s public sector will increasingly adopt blockchain technology, which will serve to improve the people’s trust in the government. It will also bring wide-ranging benefits such as improved efficiency of government spending and protecting critical infrastructure and data.

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