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Blockchain Technology to be the next major breakthrough for ...

Blockchain Technology to be the next major breakthrough for solving UK’s burning problems

There has been significant change after the introduction of the digital world. All the information are now getting digitized, which will help in proper storage and retrieval when the need arises. Even different transactions are now done over the use of internet and payment gateways. This has made numerous processes quite easy to be handled by people right at their fingertips.

Still, with this advancement, a question always remains unanswered about whether this digitization can be considered as safe. One also needs to be aware of whether their data would remain safe over the mediums which are currently being used. Due to this, recent technology needs up-gradation, which can not only enhance how we interact but also provides us with security.

Solving the existing problems with BlockChain Technology

Blockchain is found to be quite popular in recent times due to the popularity gained by cryptocurrencies. Even many firms are now introducing their own cryptocurrency, which includes libra introduced by Facebook. Due to the kind of security offered by BlockChain Technology British MP Margot James has brought this technology in great limelight at the London Summit.

Some of the common issues which can be solved by BlockChain Technology would include managing the pensions of people. All the track record of people and their pensions can be easily maintained using this technology. This will also help in getting rid of the conventional paper-based systems, which are also quite costly and also from the outdated software.

In the same manner, the National Health Service (NHS) is also looking for a solution in BlockChain technology regarding managing the records of their patients. This is required to be maintained with full confidentiality as per the rules governed by GDPR. Even it will be helpful to reduce the costs which are incurred in the current centralized data storage systems.

Funding and the likely future of the Blockchain Technology

While commenting over the funding aspects of the technology, Margot James even shared details regarding the innovation fund of the government, which is called GovTech. This fund reaches to around £20 million, which will also be applicable for the development of BlockChain. Funds will be applied by using the distributed ledger technologies.

Margot James even explained about how the Crown Commercial Service launched the project of “SPARK”. It has been a newer innovation marketplace which is intended to provide the latest technologies to companies of the public sector division. He even mentioned that the government is only taking note over exploring the BlockChain Technology and not cryptocurrency.

Margot didn’t mention anything about the Brexit talks and other negotiations which are prevalent. So, the government is likely taking the pro-block chain approach. They are likely considering the fact of attracting technology companies for locating in the UK. It would prove to be helpful for the nation during troubled times.

We are aware that many of the lawmakers and governments are still wary regarding the cryptocurrency and other digital assets. But the action taken by the UK government is depicting the change which they intend to adopt. He ended his speech by mentioning about worth estimates of the BlockChain industry and other related industries which might reach £ 3 trillion by the time of 2030. So, it is depicting a considerable ground which should be considered for the growth.


Manisha is a freelance journalist with a passion for writing about food, travel, business, cryptocurrency and blockchain. Her interests are varied and her language is clean and descriptive.

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