More

    Unlocking Blockchain Report Says UK Government Can Save £8 Billion Using DLT

    Eddie Hughes, the UK Housing MInister, released a report on July the 4th that asks the government to make blockchain technology, and the benefits related with it, a priority.

    The report is titled ‘Unlocking Blockchain,’ and proposes to follow some state projects that are being studied in Estonia to implement in the United Kingdom. Authorities should embrace the technology to enable social freedom, increase efficiency, and rebuild societal trust, explains Hughes.

    “The state should not be allowed to use such 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,”

    he commented.

    In several occasions, the government informed that it was looking into the potential of blockchain technology. But until now, it remains unclear how lawmakers are planning to use distributed ledger technology.

    According to Hughes, it would be very positive for the government to use the technology because it would save, in the long term, over £8 billion – something near $10.5 billion dollars.

    At the same time, Hughes says that the UK should also start to think in artificial intelligence (AI) and other interesting things like IoT technologies.

    After Brexit negotiations, Kay Swinburne, a member of the European parliament for Wales, said that London could keep relevant if it embraces Blockchain technology. Additionally, the politician said that London could make its market more efficient using DLT and similar technologies.

    Back in December 2017, the House of Lords proposed to use blockchain for public services and increase their efficiency. Other cities around the world, like Dubai, are also embracing the latest technological trend to improve people’s life.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,345FansLike
    2,773FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.