The United Kingdom’s technology development arm, Innovate UK, is doubling down on its support for blockchain-based technologies, it announced on Jan. 22.
The U.K.’s nondepartmental public office said it would invest a total of £19 million ($26.6 million) in projects which will result in new products or service in the fields of emerging and enabling technologies, including using distributed ledgers. The agency will also offer a further £12 million ($16.8 million) for businesses trying to recruit graduates to help develop their project.
Respondents have until March 28, 2018 to submit their proposal, and must be run by a business or a research and technology group. The projects’ scopes must cost at least £35,000 and last at least for three months, but can go on to three years with a cost of £2 million, according to the announcement. Also a part of the eligibility criteria is that businesses should be able to raise up to 70 percent of their costs on their own.
Read more: CoinDesk