Autumn Budget 2017: A Further Step Towards Blockchain for the U.K?
The autumn budget was published last week. Although the impact of Brexit is dominating the headlines, there are important changes to the U.K’s approach to digital futures.
In the budget, tChancellor Hammond announced that the government will invest over £500m in technology, including ‘artificial intelligence to 5G and full-fibre broadband’.
‘We support regulatory innovation with a new regulator’s pioneer fund and a new geospatial data commission to develop a strategy for using the government’s location data to support economic growth and to help our tech start-ups reach scale.’ He said.
Although the Chancellor didn’t mention the blockchain industry exactly, some scholars thought the government’s propose means a lots to the blockchain industry in the U.K.
Robert Herian, lecturer at The Open University, said Hammond’s statements, plus ‘universal credit’, a new benefit for working-age people that replaces six benefits and merges them into one payment, reminds him of Govcoin – a Blockchain solution that the Department for Work and Pensions (DWP) is developing.
Other industry experts have directly spoke on the importance of Blockchain to the U.K’s future.
‘The greatest dividend from the use of blockchain technology won’t just be in the way ordinary people pay for things, it will be in the way it collapses the cost of so many everyday business processes.’ Said Nicholas Gregory, founder and CEO of CommerceBlock. ‘If the Chancellor doesn’t use the Budget to insist politicians and regulators take a constructive interest in cryptocurrency and clarify their tax status, then that’s a disaster for Britain and we will all lose out.’
To find out more about blockchain, click here.
To explore how Challenge Advisory’s Talent practice can help you overcome your challenges, follow the link here.