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

Published 5 months ago by Kyle Encina

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

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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.

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. 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 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 highlights the benefits of blockchain in financial reporting and information systems that could also be implemented and translated into U.K.’s data systems. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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