Member of the British Parliament: the blockchain can save up to 8 billion pounds

A member of the conservative party in the British Parliament, Eddie Hughes is confident that the blockchain technology will help the country to restore public confidence and provide social freedom and increase work efficiency.

Recently published report entitled «Unlocking blockchain» (Unlocking the Blockchain) Hughes cites a number of recommendations for the standard of the industry. In particular, he proposes to introduce in the government the new position of the chief specialist on the blockchain. In addition, he talks about the possibility of holding a national blockchain contest to encourage talented developers and offers goal development, UK, which is «to provide a 1% efficiency due to the introduction of the blockchain and similar technologies».

Savings of 1% means the amount of 8 billion pounds, or 10.5 million dollars.

The report proposes the idea that companies who have benefited from the growing popularity of the blockchain, funded the international competition of the blockchain, bringing this benefit to themselves and the national economy.

Hughes addresses the issue, which he calls a «trust deficit» — the lack of public confidence in state institutions that emerged after the financial crisis of 2008.

As a tool by which the government can increase the transparency of state institutions and increase the trust of the population, the Deputy specifies the blockchain.

«The blockchain provides traceability and purity of origin. The blockchain stores all the data from the beginning of the transaction, so you can find the full history of any asset in the registry. There is no need of checking the huge amount of information, since it performs the blockchain».

Hughes also recalls the possibility of significantly reducing costs for banks, in particular, it relates to international payments, regulatory compliance and securities trading through the use of technology of the distributed registry. According to him, by 2022, such costs could fall to $ 20 billion.

In his work, Hughes cites numerous sources and benefits of applying the technology of distributed registry in the state systems and databases.

On the recommendation of the British Prime Minister Theresa may is a digital copy of the report will be sent for consideration to all members of Parliament.

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