UK’s authorities consider blockchain technology to have high future potential since it can have a positive impact on several components of a country’s economy. These findings were released in a report titled "Unlocking Blockchain".
A British Parliament member, Eddie Hughes, has participated in the creation of the document. He emphasized the transparency of distributed ledger technology (DLT) that could prove pivotal in restoring social "trust deficit" towards the government. The document states that a number of citizens have become disillusioned with state and financial institutions and even the non-for-profit organizations. Hughes implies that several governmental bodies have been implicated in embezzlement and misuse of funds recently, something the MP calls a betrayal of confidence:
“Political and financial establishments, companies, and voluntary organizations that were once seen as pillars of the community are often now held in little more than near contempt by citizens.”
Hughes has also proposed to create a new post of a Chief Blockchain Officer, who would oversee the implementation of technology in an efficient way. In long-term blockchain could enable to reduce the government's budgetary spending by 1% a year according to the report which will amount to £8 billion in savings.
"Unlocking Blockchain" also lists several areas where UK should apply DLT:
- Financial institutions can utilize blockchain for international transactions.
- Advantages to the environment since CO2 emissions can be reduced by lowering physical document processing time.
- Technology allows for optimization of retail trading processes.
- Attracting talented developers is necessary to create international competition.
By Ekaterina Ulyanova