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Innovate UK set to invest millions in blockchain projects

(Image credit: Image Credit: Zapp2Photo / Shutterstock)

The UK governments wants to see more products based on blockchain technology, and it’s ready to put quite a sum of money where its mouth is. 

Innovate UK (UK’s tech development department) has announced it will invest £19 million in new projects based on emerging technologies such as distributed ledgers.

The body also revealed there will be another £12 million for businesses that look to hire graduates on the development of such projects.

Those looking to apply for funding can do so until March 28 2018, although the process is only open for businesses and technology groups.

The proposed project needs to have a minimal cost of £35,000 and needs to be in operation for at least three months - but can be a maximum of three years long and cosy up to £2 million.

Businesses will also need to be able to raise up to 70 per cent of your funding on their own.

“Emerging and enabling technologies have the potential to transform a wide range of markets and generate significant economic growth,” it says on the website.

One of the priority areas for these projects are in the distributed ledger domain:

Projects should be in “digital technology, specifically in the areas of machine learning and artificial intelligence, cybersecurity, big data, distributed ledger, Internet of Things, 5G and virtual and augmented reality,” it said.

Blockchain is the technology that underlines cryptocurrencies, such as Bitcoin, and is offer seen as the enabler of the internet of value.

Image Credit: Zapp2Photo / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.