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UK Set to Lead the Blockchain Revolution, According to Recent Surveys

  • by Career Moves News
  • 5 Oct 2018

Throughout the summer, the UK has come under speculation following Brexit discussions as to whether we will retain our strong financial position. Yet a commonality during the financial services revolution kept cropping onto the agenda that enforces our strength in the financial market.

We are well-place to become a leader in blockchain technologies and the crypto economy, challengers to the traditional banking industry.

According to recent reports by the Big Innovation Centre, DAG Global, Deep Knowledge Analytics, and the Govenment Office for Science, Britain has all the required resources to lead this technological revolution of the financial services by 2022. With our governmental, technological, and industrial resources we are positioned to become a leader in the crypto economic ecosystem with a global hub for blockchain development.

Blockchain is a digital ledger that offers a safe, public method of making monetary transactions, agreements and contracts. A network of computers shares a blockchain database and creates a long list of chronological transactions that have taken place since the beginning of the network.

The UK parliament has recognised blockchain to be a very important and disruptive technology to show commitment that supports the accelerated development of the digital economy. They have addressed the technology as ‘powerful, disruptive innovations that could transform the delivery of public and private services and enhance productivity through a wide range of applications’.

Through their proactive approach to the disruptive potential of blockchain, the government envisions that their support in the development can further aid the UK population’s improvement of business and the government’s services to citizens.

One stance the government has taken in evolving blockchain’s involvement in UK business is to help enforce trust in cyberspace to increase international digital business. As societal expectations continue to grow, and the UK public hold their consumerist ethos and privacy expectations, the UK Government is addressing the fast rate of change, both scale, speed and complexity, through introducing new research and legislative implementation.

According to a report issued by the Government Office for Science, the world increasingly relies on digital economies. The report has outlined the hallmarks of advancing digital nations as:

  • A digitally-informed leadership
  • An empowered, focused government department for all national digital transformation, which is internationally minded and collaborates closely with all industry sectors
  • A living, collaborative national plan, which is industry-led with government investment
  • Technologically aware, qualified and experienced senior political officials in every government organisation

The implementation of revised policies, such as the General Data Protection Regulation update (May 2018), is just one of the efforts that the UK government is taking to increase trust between people and organisations in cyberspace.

Another asset to the UK’s leading position is the British Blockchain Association, already a world leading institution that holds the first peer-reviewed journal, with an enviable international network with some of the world’s pioneering scholars, expert advisers, influencers, and thought leaders. Place in 18 countries, as the global hub, Britain is developing its position in the cryptocurrency market to help tackle global problems. For example, within our financial regulator and resultant, ‘Sandboxes’, an area of software development where isolated pieces of code can be fully functionally tested within a secure environment, have been implemented across the globe following a debate on regulation seated first in crowdfunding, becoming a pertinent discussion in the fintech industry generally.  

These investments are just a few of many positioning the UK at the forefront of traditional industry-challenging technology within the next few years, and our continued growth in these markets paves the way for the UK’s growing and cutting-edge FinTech sector.

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