U.K. Parliament Member Pushing the Need for Country’s Chief Blockchain Officer

Jul 05, 2018 at 22:59

Eddie Hughes, a conservative member of the British Parliament, is urging the government to open a position for the country’s chief blockchain officer in order to enable social freedom, increased efficiency and improved trust for the said technology.

In an issued report, the legislator noted other crypto-related recommendations including an international blockchain competition to encourage developers as well as a blockchain development roadmap to serve as a long-term plan for the UK government with improved efficiency via blockchain and other associated technologies.

Hughes noted that the roadmap must be led by a chief officer overseeing the application of blockchain technology to U.K. public services databases in order to produce a 1 percent saving from government expenses which easily amounts to £8 billion or $10.5 billion.

The report published by Freer, a think-tank working under the British Tory conservative party, also mentioned that the official suggests that businesses standing to benefit from increased adoption of blockchain technology may fund the international blockchain competition for the benefit of the firms and the nation’s economy.

Hughes also highlighted that the plan also aims to resolve the lack of public trust in government institutions that was created after the 2008 financial crisis and from the series of public scandals involving illegal misuse of parliamentary expense and claims of harassment and abuse against charity workers.

He particularly identified DLT and blockchain technology as a way in which the government can increase transparency in government institutions to regain public confidence on government services.

“Blockchain provides traceability and clear provenance. The blockchain holds all of the data from the start of the transaction, so the full history of any asset that is on the ledger can be known. There is no need to audit vast amounts of data, as the blockchain itself is the audit trail,” he explained.

His report also touched on how the retail industry may further flourish with operational efficiency through the automation of labor-intensive processes via the blockchain technology aside from its potential to lower costs associated with cross-border payments and even its environmental benefits to offset carbon dioxide emission.