UK Government to Use Blockchain to “Rebuild Societal Trust” and Save $8 Billion

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A blockchain report released by the UK housing minister, Eddie Hughes, is calling on the government to “show leadership” by making the technology and its benefits a priority.

The report, ‘Unlocking Blockchain,’ makes several key proposals, using state projects currently underway in Estonia as the standard authorities should follow at home.

“The state should focus its attention on using blockchain to enable social freedom, to increase efficiency, and to rebuild societal trust,” Hughes summarizes.

Though the government has been clear regarding looking into Blockchain’s potential, it still remains uncertain to what extent lawmakers are interested in exploiting decentralized technology.

“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,” an official response to a query by Hughes in March stated.

Continuing, Hughes proposed a “long-term” cost-saving exercise using blockchain across government departments, with a goal of shaving off one percent – around £8 billion ($10.56 billion).

The report makes further reference to so-called ‘distributed ledger technology (DLT),’ use of which Hughes says “should be expanded to include other key new technologies, such as , as and when they converge.”

The country should have a ‘Chief Blockchain Officer,’ the report added.

 

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