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,”
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.