British MP Says Blockchain Technology Can Save UK £8 Billion

Conservative member of the British Parliament Eddie Hughes has said that the British government needs a Chief Blockchain Officer to enable social freedom, increase efficiency and rebuild societal trust.

In a report issued today entitled ‘Unlocking Blockchain,’ MP Hughes made a number of other recommendations including an international blockchain competition to encourage talented blockchain developers and proposed a UK blockchain developmental target described as “a longterm aim for government departments to make a 1 percent efficiency by embracing blockchain and other associated technologies.”

The 1 percent saving would amount to £8 billion or $10.5 billion and would be achieved by the chief officer overseeing the application of blockchain technology to UK public services databases.

The report was published by Freer, a think-tank connected with the British Tory conservative party, and suggests that businesses standing to benefit from increased adoption of blockchain technology could fund the international blockchain competition and benefit both themselves and the national economy as a whole.


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