British Conservative Member of Parliament (MP) Matt Hancock yesterday delivered an interesting speech on the importance of Blockchain technology and the huge impact it is believed to have on the world.
As published on the gov.uk, the official government website, the speech which was made during London Blockchain Conference by the Law Society, included some important highlights on the newest technology as well as information about the approach of the UK government towards Blockchain based projects.
According to Hancock, there are three important areas of public life where Blockchain technology has a huge potential to make measurable transformations. The mentioned areas included financial sector, government services, and laws and regulation.
During his speech, Hancock firstly highlighted the recent steps which have been taken by the UK government so far to encourage Fintech innovation and growth in the country. He specifically mentioned the Cryptoassets Taskforce which is a Fintech regulatory sandbox established by Financial Conduct Authority (FCA), UK Treasury, Bank of England, and the UK government’s publication of a robust Fintech strategy.
In addition, Hancock mentioned his deep belief in the Blockchain technology being able to help solving important global social challenges of today.
As reported, the UK government has already been making investments worth £10 mln (about $14 mln) in different Blockchain based projects. The fields where the government has been investing so far include solar energy sector, clean water provision, electoral systems, and charitable giving.
Hancock also expressed his positive opinion regarding other advantages of the Blockchain technology such as giving the users of government services access and control over their personal data. As concluded by the MP, the UK government strives to make the regulators alert, responsive and supportive of new technology which already proved itself to be so beneficial.