Innovation, new ideas, new approaches, all these are essential to the advancement of the digital currency industry and blockchain technology itself. The UK Government has a history of recognizing this and has demonstrated it once again with the launch of its latest initiative. A competition to encourage new ideas and new applications for blockchain and distributed ledger with a £15 million fund for rewarding companies involved is another boost to the UK digital currency industry.
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Continuing its admirable dedication to research and advancement of blockchain ideas, the UK Government has just taken another step to encourage innovation and new thinking to the industry with the recent launch of its latest competition. Launched by Innovate UK, an executive non-departmental public body ultimately under the remit of the Department for Business, Energy and Industrial Strategy, the new competition will award prizes of up to £15 Million for companies involved.
Innovate UK’s remit is to advance technology and promote development of new ideas within the UK, and the stated aim of this competition is “to inspire the new products, processes and services of tomorrow; those with the potential to unlock billions of pounds of value to industry and disrupt existing markets”.
Registration for the new competition ends November 30th, and is open to technologies that are defined as improving performance and productivity, with the list of applications including:
- The internet of things
- Virtual and augmented reality projects
- Energy harvesting
- Imaging technologies
- Satellite Technology
- Smart Sensor Systems
The key for acceptance is that the project should involve enabling technology that innovates, enables new business models or has the potential to show benefits across a range of industries through application.
While such competitions are not new, and there have been others with even bigger rewards in the past, the ongoing dedication to blockchain coming from the UK Government and the Bank of England is extremely encouraging. While there are many private companies involved in promoting the digital currency industry and seeking ways to advance the concept and applications of its technology, there are few state organizations doing the same. With the lawmakers seeing such potential in blockchain technology, and offering useful incentives to maintain innovation, we can be sure that the UK will retain a healthy cryptocurrency industry into the near future.