The UK May Save £8 Billion Using Blockchain Technology

The UK May Save £8 Billion Using Blockchain Technology

The government of the United Kingdom has been admonished to embrace in totality, the benefit offered by blockchain technology, as it could save costs which is predominant in the traditional financial sector and also rebuild societal trust in government and meet up with other countries who are way ahead in the use of the technology.


According to the latest report  by Eddie Hughes, UK housing minister, the United Kingdom has been advised to tap into the use of blockchain technology, as the burgeoning technology could help them save huge costs, empower citizens and also rebuild societal trust.
The report further explained that the government should create an enabling environment for the technology to thrive by creating a form of blockchain competition among the major players in the industry and appoint a chief blockchain officer to oversee the affairs of the sector.
The housing minister Eddie Hughes while delivering the report said that:” The state should focus its attention on using blockchain to enable societal freedom, to increase efficiency and rebuild societal trust.”
He stated further that “The state should not be allowed to use the technology to intrude into the lives of individuals but rather the technology should be used to empower individuals in their necessary engagements with the state”.
The advocacy of the use of blockchain technology in the united kingdom is not new but a running battle. In 2016, the UK chief scientific advisor, Sir Mark Walport told the government to embrace the use of blockchain to help secure data in public service.
In the report, the minister stated that the distributed ledger technology would have the potential to help the government to collect taxes, deliver benefits, issue passports, record land registrations, ensure the supply chain of goods and services and generally ensure the integrity of government records and services.
In the same vein, in February 2018, a member of the Treasury MP Alison Mc Govern appealed to the government to learn more about the usage of bitcoin and other digital assets, as they offer significant gains to investors, despite its volatile nature.
As more experts and players in the industry are urging the government to embrace the technology, the response of the government is yet to be ascertained.
Though the government of the united kingdom has promised to look at the potential of the technology, it is not yet known the extent the government is going to embrace the use of the technology, but there is hope for the future of the sector in the United Kingdom.