Innovate UK Offers £15 Mln Grants to Develop Blockchain Solutions

Innovate UK Offers £15 Mln Grants to Develop Blockchain Solutions

Innovate UK is trying to develop Blockchain-based digital wellness solutions and is looking for grant applications from Blockchain startup businesses.

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Innovate UK, which is actually a British government organization, is trying to develop Blockchain-based digital wellness solutions and is looking for grant applications from Blockchain startup businesses to make that happen. The non-departmental organization, in its declaration in the later part of July 2017, stated that it is seeking to honor startup firms that are linked to health assignments by granting up to £8 mln (10.5 mln dollars) in awards.

Section of the statement states:

“The digital health project types that will be financed by us consist of (although not restricted to) … promising digital wellness technology with a confirmed healthcare advantage, for example, machine learning, Blockchain, artificial intellect, enhanced reality, as well as the Internet of Things.”

It was declared on Twitter by the Head of Advanced Therapies of Innovate UK, Mike Sullivan that the competition starts today, July 31st.

Earlier assignments of Innovate UK

In the past, other Blockchain-based assignments have been economically backed by the company. £248,000 was granted by the organization to the startup company Tramonex in the month of April 2016 with the purpose of developing a cross-border payments program which is actually Blockchain-based and which makes use of Ethereum, the digital currency.

In a particular interview which was conducted at that time, it was claimed by the co-founder of Tramonex and CEO of Amine Berraoui that they are going to enhance their cross-border Blockchain program by making use of the money.

“By now we are pretty innovative in our prototype; we are trying to find many solutions for managing the technology. After that, we will focus on developing the business clientele.”

The prototype, under the grant contract, is going to be offered to the UK fund regulator FSA (Financial Conduct Authority) and additional yet-to-be-named organizations for authorization.

A ledger-targeted competition has been carried out by Innovate UK in the month of September 2016 with the intention of granting as much as £15 mln to the successful organizations for performing R&D (research and development) to allocated ledger-based assignments.

While developing the initiative, it was asserted by the company that it is going to encourage the newest items, processes, as well as solutions of the future and this has helped the United Kingdom to become one of the very few nations to genuinely adopt Blockchain along with its potentials in both public and government services.

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