UK distributed ledger company, Millicent, has been awarded the UK Research and Innovation (UKRI) Innovate UK SMART Award. The award means the company will have access to government resources to support its research and development in digital finance technology. Harvard-educated Wall Street veteran Stella Dyer leads the Millicent Project.
Millicent becomes the first private project funded by the UK government in the hybrid blockchain segment. Therefore, the company will work with the UK government to develop regulatory-compliant stablecoins and central bank digital currency (CBDC). The project aims to create solutions that can radically transform the global financial system.
The path to transformative financial efficiency
Essentially, Millicent developed the technology that synchronizes the benefits of privately issued stablecoins and CBDCs. It seeks to break down existing barriers in the global financial system. Ultimately, the goal is to improve efficiency by reducing transaction cost and increasing transaction speed. For example, Millicent’s network will be able to facilitate tens of thousands of transactions per second. In addition, the project will develop solutions to improve access to financial services for approximately 1.7 billion marginalized and unbanked people.
Millicent CEO Stella Dyer pointed out that low-income people pay disproportionate transaction fees. She added that the project would create a solution to promote equity in access to financial services.
Millicent is designed to level the playing field for all, creating an “Internet of Value” that is open and accessible to everyone. »
Millicent CEO, Stella Dyer
The company is developing technologies that will defragment global financial services, reduce or eliminate overreliance on intermediaries. Additionally, it will integrate smart contract capabilities into traditional financial services. Although blockchain has been around for a while, it has faced bottlenecks in the traditional financial system. Obviously, many financial institutions have been slow to incorporate blockchain technology into their transactions.
Millicent hopes to promote blockchain adoption by working with the UK government to harness the efficiencies of blockchain. The project will use regulatory-compliant stablecoins and a CBDC issued by the Bank of England. In addition, successful implementation of the government-backed Britain Project would promote its adoption in other countries. Moreover, the project comes at the right time. Notably, many central banks around the world are working on developing their CBDCs. Millicent’s network will be highly scalable, adaptable and built with interoperability in mind.
About Millicent
Millicent is a British company specializing in the development of distributed ledger technology. It seeks to build an integrated ecosystem of digital finance, offering universally applicable solutions to the inefficiencies of global financial systems.
To accomplish its mission, Millicent will use a hybrid of distributed ledger technology. It aims to transform the antiquated global financial system into a transparent, borderless and integrated digital network. It does this by combining the performance of the Direct Acyclic Graph (DAG) with the capabilities of the blockchain.
