UK Set To Become A Blockchain And Crypto Economy Leader, New Report Says

Authored by Max Yakubowski via CoinTelegraph.com,

A new report states the UK has the potential to become a leader in blockchain technology and the crypto economy by 2022, The Guardian reported July 16.

image courtesy of CoinTelegraph

The new report was conducted by the Big Innovation CentreDAG Global, and Deep Knowledge Analytics, all companies aimed to connect business, academic, and public agencies to provide insights on new innovative technologies. According to the group’s analysis, Britain has the governmental, technological, and industrial resources to become a leader in the crypto economic ecosystem  and a global hub for the development of blockchain technology within the next few years.

The report states that more than £500 million in investments were made into British blockchain companies in 2017-2018.  The study’s authors consider the blockchain industry to still be in the early stages of development globally, leaving open the potential for Britain’s leadership.

Birgitte Andersen, chief executive of the Big Innovation Centre, told the Guardian that the UK parliament sees promise in blockchain technology and “has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives.”

Sean Kiernan, the chief executive of DAG Global, predicts that the gap between Britain’s traditional and crypto economies will “lessen and eventually disappear” within the next few years, adding:

“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.”

This report is not the first one that predicts the global transformation of the crypto economy. A recent study conducted by the Imperial College London and U.K. trading platform eToro found that cryptocurrencies have the potential to become a mainstream means of payment in the near future, as Cointelegraph reported July 9.  

Meanwhile, the UK is taking steps towards implementing blockchain-based technologies both in the public and private spheres. A group of professors from Oxford are looking to create the world’s first “blockchain university,” with the goal of democratizing the traditional structure of higher education, Cointelegraph reported June 14. Previously, the National Archives of the UK revealed that it was considering adopting blockchain tech to create immutable entries for digital records

UK governors and politicians have also been publically promoting blockchain technology recently. As Cointelegraph reported July 4, housing minister Eddie Hughes has called on the country’s leaders to make blockchain development for government a priority “to enable social freedom, to increase efficiency, and to rebuild societal trust.”

Comments

monad Dr. Acula Wed, 07/18/2018 - 07:48 Permalink

That puts the baby-balloon in a hole different light. It was a valentine to one he'd love to poke.

Homosexuality is abnormal behavior encouraged by hostile foreign globalists to reduce population. What are they putting in the water? Synthetic, nonbiodegradable Female Hormones!

In reply to by Dr. Acula

Mementoil monad Wed, 07/18/2018 - 07:54 Permalink

I don't know how Bitcoin will fare in the future, but I can tell you this - the case for a PM bull market has suffered a huge blow yesterday.

Gold has dropped below a critical trend line, which puts the entire premise of a bull market in question. As much as it pains me to say so, it appears that gold is weaker than I had believed, that it could retest its 2015 lows at 1000$ or lower, and that years may pass before it regains its ATH.

In reply to by monad

land_of_the_few wetwipe Wed, 07/18/2018 - 05:38 Permalink

In Britain increasingly they won't hire you if your name isn't Sanjit, and there's no money in IT anymore. If you're good, perhaps get the hell out to somewhere more appreciativeBright also means knowing when the jig is up.

There are still good programmers able to get paid for work in Finland, Sweden, Germany, Poland, Estonia, Russia, South Korea, China. Those are the places we should expect solutions to come from.

In reply to by wetwipe

Yellow_Snow land_of_the_few Wed, 07/18/2018 - 07:45 Permalink

Propaganda...  UK is in no position to be a hub of blockchain...  they are far behind Amerika, Japan, Switzerland, South Korea, Baltic States and Malta.  The UK Government is expensive, over-regulated, high energy costs, high taxes, also, publicly criticized for lack of clarity in cryptocurrency policy. 

Last place I would setup a blockchain company is UK...

Tyler's:  What were you thinking  ???

In reply to by land_of_the_few

halcyon _ConanTheLiber… Wed, 07/18/2018 - 07:49 Permalink

Total BS for-paid marketing.

Chinese companies dominate and Asia will continue to dominate cryptos. Its about people, computational power, upward mobility, hard-working attitude, cut-throat competition and desire to find and an alternative to USD (and EUR and GBP and...).

Britain has none of those. China has all in spades.

Whether this will take the current cryptos anywhere useful is another matter, but whatever market there is, China will dominate. Definitely not the fat, old and lazy UK.

 

In reply to by _ConanTheLiber…

Calculus99 Wed, 07/18/2018 - 05:06 Permalink

Well then, stop talking and having meetings about the timetable for the next meeting(s) and get on with it. 

1 normal year = around 4 tech/internet ones.

One of the biggest prizes of the next 50+ years is on offer - the chance to establish the world's number one CC trading/develop/commerce/ideas venue alongside all that lovely tax (which will be limited) and other big bonuses. 

2022 is too late, the winner will be too established by 2020/21. 

Sudden Debt ludwigvmises Wed, 07/18/2018 - 05:30 Permalink

it's not because some fool writes something on the internet that it becomes the truth.

It's only there to give confidance to those who held the bag in bitcoin to keep holding it untill the exchanges can dump their coins yet again at the pumped up price before it slips again.

 

You'll see how the true believers get all jacked up again in a few minutes... they'll never sell at a high and would even borrow more money to "buy" more crypto's believing it will hit a trillion dollar in 3 months from now

In reply to by ludwigvmises

BetterRalph Sudden Debt Wed, 07/18/2018 - 07:07 Permalink

dude that is a serious hell on earth.  I can't imagine being stuck in that hell because I simply won't.  I actually worry more that something that used to be based on REALITY is suddenly based on virtual crypto but not revealed to the investors until it crashes completely wiping everything with it thought they BELIEVED they were invested in something solid.

(terrible wording here, too lazy to fix it)

In reply to by Sudden Debt

Davidduke2000 Wed, 07/18/2018 - 05:31 Permalink

the new report is made by 2 non entity clowns with a lot of wishful thinking that conservative Britain will move to crypto crap and abandon the Sterling pound. if this clami was not so sad it would be funny.

smacker Davidduke2000 Wed, 07/18/2018 - 13:15 Permalink

Last year an experiment was carried out in a shopping street in (I think) Liverpool whereby for a 24 hour period all shops/coffee bars/restaurants would only accept plastic cards for payment for anything. No cash allowed.

As I understand, it was quite successful and the take up was high by people who just love to flash their plastic. The introduction 2 years ago of the swipe facility on debit/credit for payments of GBP 30 or less made it even easier.

The experiment was covered by .gov sycophants ((Sky News)) who ramped up the whole thing and made it look like a great-leap-forward.

No mention of the risks and downsides were ever mentioned.

There is a significant reservoir of people mostly millenials who like to show off their acceptance of new things, just like supporters of Hi-Tech ID Cards, just like those who support banning guns.

In reply to by Davidduke2000

smacker Johnny_is_alre… Wed, 07/18/2018 - 07:30 Permalink

But TPTB ((want there to be)) crypto economies.
They want to rid economies of paper fiat and replace it with crypto-currency.

That saves them money in printing papernotes and provides them with total control over financial transactions with fully integrated audit trails.

It is this future of money that adds weight to the speculation that blockchain was originally invented by secret State actors and simply pushed out into the public domain to bomb-proof testing.

In reply to by Johnny_is_alre…

smacker Wed, 07/18/2018 - 07:09 Permalink

Whatever perceived benefits exist by using blockchain money for its ((current users)), .govs have quite different objectives.

They will adopt it to introduce a financial payment system that has back doors and an audit trail, thereby (in their minds) eliminating money laundering (except by themselves of course) and tax avoidance.

IOW: Total State power/control over what you spend and where you spend it.

Disconnecting any person from the blockchain payments system (kill switch) will be a key objective, so the person will become a non-person as the State sees fit.

And this sort of State control-freakery is right up Theresa May's street in her real role as a crypto-socialist.

smacker ConnectingTheDots Wed, 07/18/2018 - 12:18 Permalink

The problem I believe is that crypto currency will be initially introduced as an ((alternative payment method)) and made to be as ((user-friendly)) as possible to improve take-up by mug punters and those who just love to flash their debit card.

After a while when they're happy all the bugs have been ironed out, they'll outlaw use of cash paper currency and it will then be illegal to offer or accept paper currency for any transaction. Full audit trails are part & parcel of the crypto currency, although most people won't know or understand that.

At that point the only people who continue to use paper cash will be criminals as an underground means of exchange. But on-line stores and retailers will not be permitted to accept paper currency.

I am absolutely convinced that is the future of the blockchain and money because .govs have realised the control it gives them and the savings they can make from not printing vast quantities of currency notes which are at risk of theft and damage.

In reply to by ConnectingTheDots

ZeroPoint Wed, 07/18/2018 - 07:16 Permalink

This is Obongo-style Hopium. A big news flash for you - once a product is mature (or not even quite there yet), corporate shitheads send it to India to be completely fucked up and pocket the money that it takes to employ top Western talent.

 

voxpopuli Wed, 07/18/2018 - 07:28 Permalink

Forget that.

Zug, in Switzerland, is already holding the title as world Capital for those new technologies. 

Moreover, Zug does for sure not have the high tax rates, the stabbings, the political censorship, the high living costs, the pollution, the mothballed press and the risk of an impeding implementation of Sharia like London does ... : )