Deep Knowledge Analytics and Big Innovation Centre, DAG Global have published a report stating that the UK could become one of the leader’s in blockchain technology. DAG Global CEO Sean Kiernan noted that the UK “is a major global financial hub” and has also been at the forefront of adopting the latest financial technology. He added that the country’s “crypto economy” is evolving rapidly and it is closing in on “the gap between the two worlds of traditional finance” and digital currencies.
According to Kiernan, “in the coming years” we will see the gap between the world’s more established fiat-based financial sector and cryptocurrencies “lessen and eventually disappear.” While preparing their report, the authors mentioned that over £500 million had been invested into UK’s various blockchain-related projects during 2017-18. These substantial investments indicate that by 2022, the European country will likely become a global leader in the crypto industry, the report concludes.
Blockchain Technology Is “Very Important And Disruptive”
Notably, the blockchain report was authored by consulting UK’s all-party parliamentary group, which focuses on researching the technology. Its findings also suggest that the country has the resources needed from its local financial industry and the support from government to carry out the stated crypto and blockchain initiatives.
Big Innovation Centre CEO Birgitte Andersen commented that, “Blockchain has been recognised by the UK parliament as a very important and disruptive technology.” She also said that the nation’s governmental body is interested in facilitating “the accelerated development” of its crypto economy through various planned projects. However, it’s still early days for blockchain technology, Birgitte acknowledges, although she’s confident that it will have a “huge impact” in the UK and globally.
Blockchain May Disrupt Many Established Industries
Interestingly, this report has been published just prior to a Forbes post by Big Data professional Bernard Marr who writes that “Blockchain would be a more secure way to store banking records [because] there’s no central ‘vault’.” He adds that the new technology could provide “a faster, cheaper way of transferring money through the decentralization.” Marr also mentions several other possible use cases for blockchain technology such as in the current computerized healthcare system, voting, real estate, charities organizations, education, and ride sharing.