Innovate UK is investing more than $ 40 million in blockchain projects

The British division on the development of technologies Innovate UK doubles support for projects based on blockchain. This was announced on January 22.

Representatives of non-departmental state institution noted that it invests in these projects 19 million pounds (26.6 million dollars) that will result in products and services in the field of new technologies, including the use distributed registries.

The Agency will also invest another 12 million pounds (16.8 million dollars) to businesses that hire University graduates for development of their projects. Applications for funding can be submitted until 28 March this year – applicants must own a company or be a member of the research technology group.

According to the statement, the project must cost between £ 35,000 and to last at least three months. With the possible extension of studies for up to two years and increase funding to 2 million pounds. In addition, the companies must be able to self-Finance up to 70% of their developments.

This statement was the latest initiative by Innovate UK, which had previously contributed to the development of projects in the industry of the blockchain. In July last year, the Agency received applications from groups that could implement blockchain tools in the field of health. Prior to this, Innovate UK has invested 248 000 pounds blockchain startup for the development of a tool carrying out international financial transactions.

According to the statement, the projects focused on the technology of distributed registry, will compete for funding with other areas such as machine learning, artificial intelligence, virtual reality, etc.

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