Blockstream Launches Bitcoin Sidechain Liquid. newsbtc bitcoin news. blockchain illustration The federal government of the United Kingdom and the Government Chief Scientist Mark Walport will be investing in the blockchain technology to analyze the potential of its application in the conventional finance sector.
The blockchain technology, also known as the distributed ledger technology enables anyone on the network to securely settle transactions and the transfer of assets with substantially low costs. Over the past few months however, an increasing number of firms and startups have begun to explore the potential of the blockchain technology as a distributed data sharing and storage platform.
Due to its peer to peer nature, data stored or embedded in the blockchain is irrefutable and unalterable. Thus, the UK government will actively look into the potential of the blockchain technology in reducing financial fraud, error and the cost of paper intensive processes. The federal government hinted the implementation of the blockchain in developing an incontrovertible platform for recording ownership of goods and intellectual property.
“Distributed ledger technology has the potential to transform the delivery of public and private services,” stated Walport . “It has the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency and trust and make a leading contribution to the government’s digital transformation plan. Any new technology creates challenges, but with the right mix of leadership, collaboration and sound governance, distributed ledgers could yield significant benefits for the UK.” Centralization
Before creating an established blockchain-based platform for the entire population and community to utilize, the UK government plans to develop an application which will be used within government and public agencies. Walport and his team of researchers will collaborate to integrate the distributed ledger technology in governance, government privacy and security.
However, the UK government is defying the […]
