UK Parliament Unveils Real-World Blockchain Applications
The UK Parliament has recently unveiled a demonstration of real-world applications of blockchain. The reason behind the presentation is to reportedly educate lawmakers.
Introducing the APPG Blockchain
According to the official report, the event was organized by none other than the All-Party Parliamentary Group on Blockchain or APPG Blockchain. It featured a handful of presentations from at least four different firms in the blockchain space. These are namely, Everledger, IOTA, Oracle, and Lloyd’s of London. On the audience side, among them were government officials, parliament members, and industry leaders.
The live demonstrations featured the much potential blockchain provides when it comes to real-life applications, such as of supply chains for diamonds and olive oils (Everledger and Oracle, respectively). IOTA and Lloyd’s, on the other hand, highlighted international trade, insurance claims, and transactions settlement.
Big Innovation Centre’s very own blockchain research and project manager named Fernando Santiago said that the event could be a huge stepping stone towards the country’s blockchain industry. He added that it is a “pivotal moment,” one that could significantly define the country’s future leadership when it comes to commerce, governance, and even competition.
In the event, the group was also successful in publishing the so-called Online Blockchain Showcase. The latter, in particular, refers to a deluge of videos featuring 10 companies working in the blockchain space.
The aforementioned companies also manage to take the floor at the said live showcase, all of which took the “One-Minute Challenge.” Basically, it brings forth the idea of how the government can drive the use of technology, including the likes of education and healthcare sectors. This would also embrace the ever-growing finance sector.
The Potential Opportunities Of Blockchain
According to the organizers of the said event, there are many reasons why it was put up in the first place. But if there is one defining reason behind all of it, the organizers believe it has something to do with the positive results obtained from a 2018 analysis of the United Kingdom blockchain industry. The results were basically presented by the All-Party Parliamentary Group on Blockchain themselves on its official website along with a handful of associated organizations.
The group was formed by cross-party members of the parliament in an attempt to ensure that the country plays a “key role” when it comes to potential opportunities offered by the blockchain technology. These opportunities, according to them, could provide for the country’s governance, society, economy, and public service provision.