London Blockchain Summit and New Technology Adoption

Last week, the third London Blockchain Summit was held at the London Olympics in Hammersmith. This very significant annual event brought many innovations about the various United Kingdom government entities to use blockchain technology in the future to support their day-to-day operations. On that occasion, Margot James MP, British Minister for Digital and Creative Industries, addressed the participants with the introductory presentation “Improving the Transformational Power of Blockchain.” The discussion was about some of the latest and greatest blockchain adoptions in the United Kingdom.

The UK is an essential part of blockchain innovations, and the island is the seat of some of the most promising business entities in the industry. Besides the adoption of the blockchain in the United Kingdom, Margot James also gave a brief overview of Facebook cryptocurrency Libra, highlighting the role that the London development company professedly plays in its implementation.

All Potential of Blockchain Innovation in the United Kingdom

Blockchain’s use in UK’s public sector was first offered as a solution to the Department of Work and Pensions, where the implementation of a distributed ledgers based on a blockchain is found to be a perfect solution, as it would help employees more easily monitor those eligible for higher benefits or support for their pensions.

A significant issue in the UK, because a large number of pensioners who have the right to extend funds do not claim for them – blockchain can help these endangered individuals, freeing up expensive systems and obsolete software that is still in use.

In addition to the Department of Work and Pension, the Ministry of Defense is investigating the blockchain area for pilot information services. The new technology can be implemented to check the skills of military personnel in different roles and different sectors of the United Kingdom army.

Furthermore, the blockchain could find its more recent application and in the operation of the National Health Service, which faces the problem of over-spending with existing systems.

The United Kingdom Intellectual Property Office is considering placing the copyright and intellectual property rights on the blockchain. With the new technology, ownership of intellectual property, in theory, it would be possible to register and maintain a public and open book. In this way, all interested parties could see the rights of intellectual property (music, art, photography), and creators and property owners would be authorized to sell, rent or share their copyrighted works.

Does Blockchain Have a Great Future in Britain?

At the moment, there are already a large number of blockchain projects that claim to have solutions for almost any of the listed public sectors. However, it is essential to see a bigger picture of the adoption of new technology, globally, by the authorities in the United Kingdom.

During the summit, Margot James also spoke about the British Innovation Fund. GovTech is worth £ 20 million to drive British technology companies to new solutions in the public sector. The minister took this fund and young firms engaged in blockchain technology and innovations of distributed technologies into the direct connection.

However, the minister fenced off the cryptocurrency, pointing out that the United Kingdom government focuses exclusively on the use of blockchain, for now.

Margot James did not talk about Brexit. In all likelihood, it seems that the United Kingdom is tending to pro-blockchain orientation, and furthermore, it can be a huge factor in attracting valuable technology companies that will find their home in the UK.

After this summit, it is clear that govs around the world are still more than cautious about adopting the cryptocurrency. Blockchain technology got its greater picture.

In her final speech, Margaret James carried out the belief that blockchain, as well as related technologies,  would be worth an estimated 3 trillion pounds by 2030, promising a prosperous future for the blockchain, both in the United Kingdom and around the globe.

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