Lessons from Europe to help UK SMEs, how Blockchain can used to handle data

UK pledged £330 billion to help businesses, so far according to The Guardian newspaper only 20% of firms that have applied have been successful and been granted £1.1 billion

The British Chambers of Commerce, which is possibly more reflective of SMEs, say that a massive 66% of surveyed firms have furloughed their staff and 71% intended to so.

59% of the firms surveyed have cash to last for only 3 months

2% of these firms have successfully managed to get money from the Governments initiative

Swiss have lent £12 billion to over 76,000 companies – 1 page document once submitted it takes 30 mins for money to be sent to the applicants bank account

German scheme was similar to UK now they have adopted the Swiss model

The worry is we may see a second wave of covid-19 and while £ BILLIONS understandably is being invested in medical solutions to save lives, we need access to data to be able to study the economic and business implications.

If all the government loans and grants information was on a Blockchain powered platform and then ammonised it would be easier for TAX payers to see where their money was being spent, % of successful applications, % of loans eventually repaid.

Analysts, researchers at financial institutions, universities and business experts could look at trends, regions of the country business by sectors, firms by number of employees etc to determine which companies need help if such a situation arises again.

Using Blockchain technology – greater transparency without impacting on GDPR and so lead to more TRUST!

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