Recognizing the inherent potentials of distributed ledger technology (DLT), Eddie Hughes, a UK legislator and member of the Conservative Party, has called for the establishment of an office of the chief blockchain administrator, citing it as good leverage for accelerating the mode of governance.
The Need for Transparent Governance
Per a City A.M. report, the lawmaker has claimed that the appointment of “a public-facing chief blockchain officer,” will effectively help in regaining public trust in the government’s ability to achieve and uphold transparency through blockchain technology.
Besides the points mentioned above of advancing public sector administration, the establishment of the office is also expected to be an economic advantage that would help cut the country’s annual budget by at least one percent in the long run.
The blockchain, a revolutionary innovation which backs bitcoin and other cryptocurrencies, appears to be enjoying more of governments patronage despite other authorities yet to get on the DLT bandwagon.
From afar, it seems as if the distributed innovation and cryptocurrencies are at loggerheads as nations such as China and others have embraced the former and opting to relegate the latter to the abyss.
However, forward-thinking countries like Malta, Singapore and a vast array of States within Europe have understood the fact that DLT and cryptocurrencies go hand in hand. As such, these nations have welcomed both disruptive systems with open arms.
It’s worthy of note that BTCManager on June 29, 2018, reported that businesses in Singapore were gaining about 25 percent cut on their electricity bills through the aid of a blockchain platform, Electrify. According to Electrify’s co-founder and CEO Julius Tan, the
Singaporean energy sector is set to benefit immensely as roughly 500 local enterprises that have adopted the technology have been able to save an aggregate of 1.5 million Singapore dollars over the past year.
The platform is planning to achieve the same result in Japan and Australia later this year where it would be made available for residential purposes.
Although banks in the United Kingdom have not been entirely supportive of cryptocurrency exchanges in the region, authorities have been studying the potentials of blockchain technology for quite some time now.
Back in March 2018, reports surfaced that the UK government had set up a taskforce to look extensively into the burgeoning technology.
“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the U.K remains at the cutting edge of the digital revolution. As part of that, a new task force will help the U.K. to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology,” said UK’s Finance Minister at the time.
If all goes as planned and the UK appoints a Chief Blockchain Officer, the move will undoubtedly be of immense benefit to the local blockchain and digital currency space as well as the entire cryptoverse.