Report Tells UK Govt to Use Blockchain and Save £8 Billion

Report Tells UK Govt to Use Blockchain and Save £8 Billion

Eddie Hughes, the UK housing minister, released a report into blockchain technology today, July 4, calling on the UK government to “show leadership” and making the blockchain and its benefits “a priority”.

The report entitled “Unlocking Blockchain” makes many key proposals using blockchain projects currently underway in Estonia as the standard the UK authorities should follow at home.

Hughes asserted that the government should utilize the technology and focus on making the most of it to “enable social freedom, rebuild societal trust, and increase efficiency”. She added:

“The state should not be allowed to use such technology to intrude into the lives of individuals—but rather the technology should be used to empower individuals in their necessary engagements with the state.”

While the government has been looking into ways to utilize the blockchain lately, it’s still unclear to what extent the policymakers are interested in exploiting the nascent technology.

Hughes’s official response to a related query in March stated:

“Cabinet Office and the Government Digital Service are researching potential [use cases] of distributed ledger technologies / blockchain jointly with departments and public bodies for future trials and proofs of concepts with a view of driving efficiency and supporting transformation,”

According to Hughes, using the blockchain across government departments can prove to be a cost-effective option and help the government save around £8 Bln or $10.56 Bln.

Continuing, Hughes said the use of blockchain should be expanded to include other “key technologies” such as artificial intelligence, “as and when they converge”.

The country should have a “Chief Blockchain Officer (CBO)” to look coordinate proceedings, the report added.

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