In recent articles, we’ve talked about England’s love for bitcoin, and how London is slowly becoming a bitcoin hub for the world. Recent reports indicate that the UK’s chief scientific adviser, Sir Mark Walport, went ahead and urgent the government to adopt blockchain technology, and use it to run a variety of public services.
It’s well-known that during the last year, numerous companies and governments have started to actively research in the field of blockchain, bitcoin’s underlying technology. It’s also been argued that the blockchain can provide better ways of managing data, but that it can also help with tax collection, trades, the issuing of passports and more.
For those who do not know, the blockchain can act as a permanent record for all sorts of transactions, which allows for better data managing, and added security, as the system is thoroughly resistant to all sorts of attempted tampering. By advocating for blockchain to be used for various services, Walport
It’s important to point out that while Sir Mark Walport has been an avid supporter of FinTech and the blockchain for a good period of time, he remains wary of the risks associated with the technology. In fact, last year, he stated that “There are dystopian scenarios for the evolution of FinTech, with the possibility of increased financial exclusion and exploitation of large numbers of people, new opportunities for financial crime, and destabilisation of existing mechanisms that provide monetary policy and stability.”
While it’ll take a while before the Government implements these measures, the blockchain is quickly gaining ground.
Based on everything that has been outlined so far, what do you think about Walport’s urge towards the British Government? Let us know your thoughts.