Member of the British Parliament Mr.Hughes Said UK British government want a Chief Blockchain Officer for enable social freedom, enhence efficiency and rebuild societal trust.
UK blockchain developmental target described as “a longterm aim for government departments to make a 1 percent efficiency by embracing blockchain and other associated technologies.”
The 1 percent saving would amount to £8 billion or $10.5 billion and would be achieved by the chief officer overseeing the application of blockchain technology to UK public services databases.
It also discusses what Hughes calls a “trust deficit,” a lack of public trust in government institutions created after the 2008 financial crisis and “a series of serious public scandals ranging from the illegal misuse of parliamentary expense accounts to claims of harassment and abuse against charity workers.”
“After a never-ending litany of betrayals of trust and instances of overreach, the political and financial establishments, companies, and voluntary organisations that were once seen as pillars of the community, are often now held in little more than near contempt by citizens”
“Blockchain provides traceability and clear provenance. The blockchain holds all of the data from the start of the transaction, so the full history of any asset that is on the ledger can be known. There is no need to audit vast amounts of data, as the blockchain itself is the audit trail.”
He then cited a Santander Fintech report stating that banks could greatly reduce costs associated with cross-border payments, regulatory compliance, and securities trading through the application of DLT with a cost reduction of up to $20 billion by 2022. Sweden is predicted to save $100 million through the use of the technology in their national land registry by automating the processes involved in fraud prevention.
The Dubai Blochain Strategy predicts that 25.1 million economically productive hours can be reallocated through reduced document processing times and 114 MTons of C02 emissions eliminated through reduced trips.
the Dubai Blochain Strategy predicts that 25.1 million economically productive hours can be reallocated through reduced document processing times and 114 MTons of C02 emissions eliminated through reduced trips. A copy of of the report will be sent to every member of British Parliament for their consideration.