Blockchain is getting more popular across the big circles too. One of the last people that mentioned it at a big conference is the British Conservative Member of Parliament (MP) Matt Hancock, who delivered a speech about the “monumental impact” that blockchain will have on people’s lives, speaking at a conference yesterday in London.
The UK government published a transcript of Hancock’s speed on their website which ws delivered at the Law Society as part of the London Blockchain Conference happening yesterday in London.
As Hancock said, there are “three vast areas of public life” which he anticipates as “exceptional”. The potential of blockchain technology will transform: the financial sector, the government services and the laws and regulation.
Hancock began to encourage the fintech innovation and growth, including the Financial Conduct Authority (FCA)’s new global fintech regulatory sandbox, the Cryptoassets Taskforce established by the UK Treasury, the FCA and the Bank of England as well as the UK government’s publication of a new massive Fintech strategy.
According to Hancock, the UK government already invested £10 million in support of blockchain projects for the solar energy sector, electoral systems, charitable giving and clean water provision. For that, he noted:
“Blockchain poses real and searching questions…What role do nation states have when setting frameworks for these decentralised, cross-border systems? And how do we address the challenges of smart contracts, when computer coding needs specificity and the law often needs interpretation?”
In the end, Hancock also nudged the “regulatory barriers” to technological innovation, claiming that the UK government “wants our regulators to be alert and responsive, as well as supportive of new technologies which are beneficial”.
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