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UK Government Highlights Benefits of Blockchain Tech

The economic secretary to the UK government's economic and finance ministry – HM Treasury – has spoken about the benefits of digital currencies and blockchain technology.

During her speech in London yesterday about the government's technology drive, Harriet Baldwin MP said the government is working to create the right regime for digital currency businesses and to attract both overseas investors and companies to the UK.

The secretary also touched upon the government's pledge to inject £10m – announced in March – into research addressing the opportunities and challenges of digital currencies and their underlying technology as part of its larger pledge to innovation in FinTech.

According to Baldwin, the potential benefits of distributed ledgers include:

"The potential to facilitate the fast, efficient, and secure transfer of ownership of digital assets – including bonds, shares, and other financial instruments, over the internet; and the function of digitally 'signing' and time-stamping digital assets – helping maintain records of digital documents securely and efficiency. In other words, it's all about making processes simpler and life easier."

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Wednesday, October 21st 2015
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