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.”
It also discusses what Hughes calls a “trust deficit,” a lack of public trust in government institutions created after the 2008 financial crisis and “a series of serious public scandals ranging from the illegal misuse of parliamentary expense accounts to claims of harassment and abuse against charity workers.”
“After anever-ending litany of betrayals of trust and instances of overreach, the political and financial establishments, companies, and voluntary organisations that were once seen as pillars of the community, are often now held in little more than near contempt by citizens”
Hughes identifies DLT and blockchain technology as a way in which the government can increase transparency in government institutions and grow public faith and trust once more.
The blockchain holds all of the data from the start of the transaction, so the full history of any asset that is on the ledger can be known.
Hughes goes on to discuss the other applications of blockchain technology, stating that the retail industry had explored and positively identified the capacity to greatly increase operational efficiency through the automation of labor-intensive processes with 82 percent of retail professionals sharing that sentiment in a global survey.
The report is particularly comprehensive in drawing on multiple sources citing the social and environmental benefits of blockchainapplication on government systems and databases, perhaps a significant indicator in the shifting tide of opinion towards the emerging technology.
At the recommendation of British Prime Minister Theresa May, a digital copy of the report will be sent to every member of British Parliament for their consideration.
A firm advocate of decentralization through blockchain technology, he's also an off-grid enthusiast and really fun at parties too.