| answer text |
<p>The Government recognises the impact late payments can have on businesses, particularly
small and medium sized enterprises.</p><p> </p><p>Blockchain technology is one solution
of how this can be tackled.. For example, smart contracts can initiate payments based
on digitally approved work or digitally tracked goods delivery. This enables businesses
to be paid automatically, reducing the need for invoicing and preventing delays in
payments. The technology ensures a high level of transparency for all parties involved,
and helps prevent organisations from taking unilateral actions to alter original contracts.</p><p>
</p><p>The Government is supporting the development of blockchain technology in the
UK and officials in the Department for Digital Culture Media and Sport are exploring
potential pilot projects with government departments. The Department for Business
recently published the government response on the call for evidence to end late payments
to small businesses. Many SMEs supply to government and, as one of the UK's largest
corporate buyers, it is our responsibility to ensure suppliers are paid promptly and
to examine where the use of technology can help with this.</p>
|
|
