The Welsh Government has launched a fully funded research and development scheme to support the creation of blockchain technology. The scheme, aptly titled “Demonstrating the Potential of Blockchain”, will be run by Blockchain Connected – part of Technology Connected, the network for the technology industry in Wales.
The plan was first launched in January and due to such a high volume and high calibre of applications, nine projects have been selected to receive funding.
Twenty-nine private and public sector organisations across Europe submitted problems that they hoped could be solved using blockchain technology. This led to 105 ideas being submitted, each of which were reviewed. Blockchain innovators created collaborations with the challenge holders, forming 21 potential pairings which was pared down to 16 finalists. Each finalist pitched their solutions to a judging panel and 9 walked out with funding.
The 9 collaborative projects have been fully funded and the blockchain technology providers are already working on their projects. These tech innovators include:
- BLOCI sells carbon offsetting credits from reputable and traceable UK organisations which can be independently verified via the blockchain.
- Creators of MARCO, Finboot has developed an entire ecosystem of blockchain technology to connect multiple ledgers simultaneously.
- iov42 has built the core global blockchain operating platform on which governments, companies, and individuals can build groundbreaking applications. The company combines blockchain technology with their own pioneering technology.
- The company started out as a blockchain research company and has grown into the only pure blockchain firm in the world’s top 100 most innovative companies. nChain has delved deep into R&D in the blockchain world, creating and filing over 450 patent families since 2015.
- Founded on the basis of mutual cooperation, Stofl works to facilitate the transition into the decentralised data centric world where blockchain technology forms the fundamental backbone of this new tokenized economy.
- Vizidox Solutions
- Vizidox uses blockchain technology to empower anyone from an individual to a government with robust solutions for improved efficiency, transparency, and trust.
Who We Are:
Swanson Reed is one of the UK’s leading R&D Tax Relief consultancies. We manage all facets of the SR&ED tax credit program, from claim preparation and audit compliance to claim disputes.
If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.