Member of Parliament Urges UK to Embrace Blockchain After Highlighting Its Benefits
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.”
“We can use a mix of classical liberal values and new technologies to strengthen individual freedom and improve the life chances of all.”
“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.