The United Kingdom’s government seems to be interested in the development of blockchain technology and is preparing to invest a sizable amount of money to create an advanced device.

The Innovate UK department has publicly announced that is going to invest 19 million pounds in an exceptional project. It will be based on testing and creating innovative technologies. The initial investment will go towards creating distributed ledgers.

Another possible future investment in amount of 12 million pounds will be allocated to businesses that will choose to hire young students eager to get involved in such projects.

All those who have a project that has a tremendous technological potential and falls within the perspective of Innovate UK department can apply until March 28, 2018. The projects can be filed mainly by existing businesses and groups based on technology development. The idea they are proposing must cost over 35,000 pounds and must be in development for at least 3 months. The priority areas of the wanted projects should be related to: emerging technologies, digital technology, enabling capabilities and space applications (Earth observation).

An important aspect is that applicants must be able to fund their project with financial resources up to 70% of the total amount.

Gov.Uk mentioned on their official website that “Emerging and enabling technologies have the potential to transform a wide range of markets and generate significant economic growth”. The government supports the development of technology based on new algorithms and will invest in this domain in the future.

You will find out how to apply with your personal project following the presentation guide posted by Gov.Uk.

Do you think the government’s investment will create a fierce competition among the candidates?