© Reuters
Investing.com – The British government realized that blockchain technology could do much more than produce cryptocurrencies and NFTs. This is why Parliament passed a bill on the digitization of the blockchain-based documentary system.
The whole of the UK commercial sector is still obliged to keep all documentation on paper. This should change dramatically in the future with the introduction of a digital documentation system.
This is not the first time that Parliament has considered this issue. Such a change makes sense for both cost and sustainability reasons, but it was not until the COVID-19 pandemic highlighted the drawbacks of the traditional procedure in practice that the initiative gained momentum. .
Blockchain-based document systems are generally not new, as examples of successful implementation in the financial, music and diamond industries are plentiful.
The member of the British House of Lords, Baron Holmes of Richmond, sees this development as a huge step forward. Information that used to be exchanged on paper and took days to travel will in future be able to be accessed in seconds by all parties involved:
“It is shameful that a UK sector with a turnover of around £1.266 billion is still reliant on paper documents. This change will not only change trade, it will also show that the UK can be at vanguard of revolutionary technical legislation”.
By Marco Oehrl