The U.K.'s nondepartmental public office to invest £19 million into ledger projects

The United Kingdom's technology development arm, Enovate UK, has doubled its support for Blocin-based technologies, announced on January 22.

The non-administrative General Office of the United Kingdom said it would invest a total of 19 million pounds ($ 26.6 million) in projects that would lead to new products or services in emerging and enabling technologies, including the use of distributed accounting books. The agency will also provide another £ 12 million ($ 16.8 million) to companies trying to recruit graduates to help develop their project.

The new announcement appears as the latest initiative by Enovate UK, which has a history of looking for new ideas and projects in the Blockchain sector. Last July, the Agency sought proposals from groups that could implement Blockchain tools in emerging health technologies, prior to that, Enovate UK was awarded £ 248,000 to Blockchain startup to develop a cross-border financial transaction instrument.

According to the announcement, projects focused on distributed ledger technology may compete against the fund against others in areas such as automated learning, artificial intelligence, virtual reality, and so forth.
Respondents have until March 28, 2018 to submit their proposal and must be responsible for the business or research group and technology. Projects must cost at least £ 35,000 and last for at least three months, but can go to three years at a cost of £ 2 million, according to the announcement. Also part of the eligibility criteria is that companies must be able to collect up to 70% of their costs on their own.