Member of Parliament Urges UK to Embrace Blockchain After Highlighting Its Benefits

2018-7-5 18:04

A British MP is urging the U.K. government to embrace blockchain after detailing its benefits and highlighting how it could “empower individuals.” Walsall MP Eddie Hughes has gone all-out in his detailed and long report promoting blockchain in hopes that the U.K. would implement its technology.

TechRadar reported that Hughes published a report detailing how the U.K.’s data systems could improve by proposing a blockchain departmental target, a UK-based international blockchain competition and even the need for a Chief Blockchain Officer.

Dreaming Big With Blockchain

The WalSall MP hopes that the country would implement a “blockchain departmental target” that serves as a long-term goal for the government to generate 1% efficiency savings using blockchain technology. Hughes also believes that a UK-based international blockchain competition could help attract international investors to local companies as well as inspire local entrepreneurs.

In addition, the British MP also suggests the U.K. assign the role of Chief Blockchain Officer to a person who would be responsible for bringing and incorporating blockchain technology into the public sector.

MP Hughes believes that blockchain technology could benefit the public as well as the private sectors. The British MP explains that blockchain won’t just help increase efficiency, it also presents a chance to “empower individuals” and to “rebuild societal trust for the common good.”

Hughes said:

“We can use a mix of classical liberal values and new technologies to strengthen individual freedom and improve the life chances of all.”

Hughes added:

“By engaging now, and recognising blockchain’s potential, we can ensure it is used by the state to empower individuals, and to afford us real control over our own data.”

Blockchain’s Significance in Data Systems

Of course, MP Hughes’ blockchain proposal isn’t without a point. The U.K.’s Financial Reporting Council came up with a detailed report indicating the benefits of blockchain in a system. According to the report, blockchain could help in creating public trust by promoting transparency within the system.

The report added:

“The nature of the blockchain also means that the information being accessed could be trusted to be the ‘official’ version and would be resilient.”

The report highlights the benefits of blockchain in financial reporting and information systems that could also be implemented and translated into U.K.’s data systems.

The FRC’s findings conclude that blockchain shows a lot of promise and potential in regards to corporate finance and data systems in general.

An excerpt of the report read:

“We should care about blockchain because the removal of a central authority and use of smart contracts (codable contracts/business actions) empowers different types of business models, processes and industries by potentially removing a whole layer of administration from the system. It is not just about commercial transactions; information exchange could also happen in the same way.”

Member of Parliament Urges UK to Embrace Blockchain After Highlighting Its Benefits was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

High Performance Blockchain (HPB) íà Currencies.ru

$ 0.0100291 (+7.61%)
Îáúåì 24H $25.057k
Èçìåíåèÿ 24h: 5.20 %, 7d: 30.40 %
Cåãîäíÿ L: $0.0090557 - H: $0.0100291
Êàïèòàëèçàöèÿ $732.823k Rank 1812
Öåíà â ÷àñ íîâîñòè $ 1.91919 (-99.48%)

blockchain benefits highlighting embrace detailing report member

Èñòî÷íèê: blokt.com

blockchain benefits → Ðåçóëüòàòîâ: 26


Ôîòî:

The First Stock Photography Marketplace that was built on Blockchain was announced by Wemark

However, alongside the obvious benefits, a recently established digital marketplace has raised several issues that digital content creators have to face. Once to make a living photographers only needed to shoot stock imagery and then license it directly for social media or company websites representing a final consumer. Nevertheless, towering growth of the industry has

2018-7-5 23:49


Ôîòî:

EU Regulator: legal uncertainty still faced by DLT in trade finance

An EU banking regulator has published a new report exploring the benefits and risks associated with the use of distributed ledger technology (DLT) in finance. In a report published on Tuesday that discusses the rising trend of financial technology, the European Banking Authority (EBA) highlighted two banking-related use cases of blockchain: cross-border trade finance and

2018-7-4 19:43


Used Blockchain to Rebuild Societal Trust and Saved 8 Billion, Report tell UK Governor

UK housing minister Eddie Hughes released a report into blockchain July 4, calling on the government to “show leadership” by making the technology and its benefits a priority. The report, ‘Unlocking Blockchain,’ makes several key proposals, using state projects currently underway in Estonia as the standard authorities should follow at home. “The state should focus

2018-7-4 18:26


CBDoken ICO

CBD has been observed to deliver health benefits and is widely used in lifestyle and medicine. With the purchase, sale and possession of CBD products legal in most countries, CBDoken finally solves the problem of: (1) a non-transparent global pricing of CBD; (2) massive fluctuations in terms of quality; (3) and a zero established financial market for CBD products.

2018-7-1 11:11


Ôîòî:

Popular Plugin Is About To Expose A lot Of Users To The Benefits Of Blockchain

With over 500 Million users, Adblock Plus could be considered a very popular plug-in/web browser extension. If you’re not aware of it, Adblock Plus is a piece of advert-blocking software that uses its inbuilt technology to block adverts within various different web browsers, from Safari to Internet Explorer, Google Chrome and Mozilla Firefox, to name but a few.

2018-6-14 15:30


Ôîòî:

New Strategic Partnership Benefits from Blockchain Securities

New Alchemy and Entoro Capital have announced that they have entered into a strategic partnership to offer an integrated solution for blockchain securities. Entoro’s technology-enabled investment bank and broker-dealer, combined with New Alchemy’s blockchain technology and advisory services, will offer a step change in issuing tokens in a regulated securities environment. The partnership will leverage

2018-6-14 04:45


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Nibiru Chain reveals $15 million grant for developers

Nibiru Chain invests over $15M in developer grants to support its smart contract platform's growth and ecosystem expansion. The post Nibiru Chain reveals $15 million grant for developers appeared first on Crypto Briefing.