- Blockchain was mentioned in the 2018 U.K Budget
- There are plans in place to run field tests for more potential adoption
- The Cryptoassets task force will also publish its first report
The U.K’s 2018 Budget was published on the 29th of October 2018 and focused on economic growth in Britain ahead of the Brexit.
A number of issues were discussed in the budget, one of which was blockchain technology and cryptocurrency, which was mentioned in section 5.6 called ‘New Technologies and Innovations’.
The potential of blockchain technology has been a subject discussed on the world stage for quite some time and it has also been recognized in this budget that mentioned that it ‘could revolutionize how information is recorded, protected, stored and shared, transforming financial markets, supply chains, and public services.’
This potential is apparently going to be put to the test as Digital Catapult is going to run a series of tests with the use of blockchain in a number of sectors.
According to the document, they will be “working with businesses, investors, and regulators in a range of areas, including in construction and the management of goods in ports.”
The use of blockchain seems to have found favor in the public sector in the U.K.
This task force was launched in March 2018 at the International Fintech Conference. According to the document, work has been conducted by the task force along with HM Treasury, the Financial Conduct Authority (FCA) and the Bank of England.
The task force is now gearing up to publish its first report alongside the budget.
The purpose of this report is to help set a foundation for the U.K’s approach to blockchain technology and industry.
There will also be an emphasis on the best practices to ensure that investors enjoy the benefits of blockchain but are also protected from any potential fraud or misuse of the technology.
The inclusion of blockchain in the U.K government’s budget is a good sign for blockchain adoption and the official announcement that more adoption is coming implies even more growth in the future.