Summary List Placement
UK government officials held talks on Friday with a homegrown blockchain startup to discuss using its AI-driven solution to root out fraudulent furlough claims.
At the peak of Britain’s COVID-19 epidemic in May, almost a third of Britain’s workforce was furloughed, with the government paying up to 80% of the salaries of workers up to £2,500 – or $3,075 – a month.
Since then, however, tax collector HM Revenue & Customs (HMRC) has warned that up to £3.5 billion – or $4.5 billion – may have been spent on fraudulent or mistaken claims. The agency said it was investigating some 27,000 “high risk” incidents.
The Proof of Trust (TPOT), a startup that says it uses blockchain technology to automate dispute resolution processes, last month published an open letter to chancellor Rishi Sunak offering “independent adjudication of every single ‘high risk’ claim within days … at a fraction of the cost.”
The firm is pitching to log HMRC’s case backlog on its distributed ledger and then use artificial intelligence to allocate them to disparate panels of legal and financial experts, then have their individual judgments quickly filtered back to the tax collector.
Speaking to Business Insider, TPOT chief exec Dean Armstrong …read more
Source:: Businessinsider – Tech