UK to take a lead in crypto economy and blockchain: Report
The domain of blockchain technology and crypto economy is gradually being taken over and ruled by the United Kingdom. This report has been recently released in the form of an analysis by DAG Global, Big Innovation Centre and Deep Knowledge Analytics. According to a report by BCFocus, Bitcoin, the leading crypto coin is preferred by 20% UK Millenials for investment purpose to real estate.
Necessary requisites to emerge as a leader in crypto economy and evolve as a global hub in blockchain are present in UK. By 2022, due to governmental and industrial support, Britain would transform into a global hub based on blockchain technology, as reported by The Guardian.
The blockchain technology is a digital and decentralised ledger wherein transactions can be made and recorded, publicly maintaining its security. Apart from transaction records, blockchain technology also assists in the creation of contracts and agreements.
Till date, Bitcoin [BTC], the most popular cryptocurrency is considered to be its best application. A long chronological list of transactions is formed as the database gets shared across computer network. These transactions which have chronologically been listed occur at the network’s beginning.
DAG Global’s chief executive, Sean Kiernan stated that the gap would be bridged between UK’s crypto economy and traditional system of finance. He commented, “The UK is a major global financial hub and in recent years has become a fintech leader as well. At the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy.” He further commented, “The gap between the two worlds of traditional finance and crypto economy remains, but in the coming years we can expect this to lessen and eventually disappear.”
The authors of the report suggested that the blockchain companies established in 2017-18 to receive investments exceeding 500 million pound. In conclusion, the reporters reflected their faith in UK’s potential to soon lead the cryptocurrency domain. The research has been a joint venture with assistance from parliamentary group of all party based on blockchain technology.
Big Innovation Centre’ s chief executive officer, Birgitte Andersen commented, “Blockchain has been recognised by the UK parliament as a very important and disruptive technology, and it has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives.” He also stated, “We are still at the early stages of the blockchain industry’s development and the huge impact it undoubtedly will have in Britain and globally.”
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