Blockchain technology was created to underpin Bitcoin. Following the development of the Bitcoin blockchain, many use cases of blockchain technology have been revealed in other sectors. While this is true, reaching mass adoption beyond the financial sector is one hurdle the technology is yet to cross. This is why Vitalik Buterin, Ethereum’s co-founder recently said that non-financial use case of blockchain technology is a “hard pitch.”
Slow doesn’t mean stagnant and difficult doesn’t mean impossible. It’s true that the most common use case of blockchain technology is in the financial services sector. However, its real-world use cases can become priceless with the right adoption. This is why All-Party Parliamentary Group on Blockchain (APPG Blockchain) hosted an event to present real-world use cases of this emerging technology. The goal of the showcase was to educate UK policymakers and help them understand why blockchain technology is the future.
All-Party Parliamentary Group On Blockchain Show Real-world Use Cases To UK Parliament
On Monday, four blockchain-focused firms came together to present use cases of blockchain technology to the UK Parliament. The firms are Lloyd’s of London, IOTA, Everledger, and Oracle. They presented the technology to industry leaders, members of the parliament, and other government officials. Everledger showcased blockchains efficiency in the supply chain in the diamond industry, Oracle demonstrated its efficiency in the olive oil supply chain. Lloyd showed the audience how blockchain can be applied in payment settlements while IOTA presented its efficiency in insurance claims.
According to the project manager at Big innovation, Fernando Santiago, this event might propel the United Kingdom to take interest in blockchain technology. In his words:
“This is a pivotal moment for the UK, which could define our future leadership in governance, commerce, and competition.”
Ahead of the event, the APPG blockchain group published what they termed, Online Blockchain Showcase. It featured various videos of ten blockchain-based companies. These companies also participated in the live demonstration in a one-minute challenge in which they suggested various ways blockchain technology can be used by governments. They also made suggestions on how the technology could reach adoption if the government used it in several sectors.
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The organizers of the event said that the analysis of blockchain technology for 2018 in the United Kingdom was positive and this is what moved them to host the live demonstration. The analysis is available to the public on the APPG website. The association was founded by various members of the UK Parliament. Their goal is to make sure that the UK recognizes and benefits from the limitless potential of blockchain technology. They want to make sure that blockchain is applied in the nation’s economy and in governance.
If the UK Parliament starts to implement blockchain technology in various ways, this will drive the adoption of the technology within the United Kingdom. This will eventually ripple into global adoption as more governments will follow their lead implement blockchain technology in several sectors. For now, there isn’t a clear mandate regarding the blockchain initiative in the UK. In time, we will know how blockchain will be implemented in the public sector.
What do you think about the implementation of blockchain technology in the United Kingdom? Share your thoughts in the comment section.