Blockchain will have a Monumental Impact – Matt Hancock of UK Parliament

UK Member of Parliament Says Blockchain Will have ‘Monumental Impact’

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  • Matt Hancock of UK Parliament, in his recent speech, said Blockchain will have a monumental impact.
  • The 3 main areas it would impact are laws and regulations, government services, and the financial sector.

United Kingdom: Matt Hancock, who is a British Conservative Member of Parliament (MP), gave a speech yesterday 19th April at the Law Society as part of the London Blockchain Conference. At the conference, he spoke about the “monumental impact” that Blockchain would possibly have on the lives of people. A transcript of the speech has been published by the UK government on its website – gov.uk website, which was delivered at the Law Society as part of the London Blockchain Conference today.

Matt Hancock outlined 3 “vast areas of public life” which he believes the “exceptional” potential of Blockchain technology would impact, these areas are laws and regulations, government services, and the financial sector.

He mentioned the recent steps taken by the UK to promote Fintech innovation and tech growth, which include the UK government’s publication of a robust Fintech strategy; the Cryptoassets Taskforce jointly established by the UK Treasury, the FCA and the Bank of England, and the Financial Conduct Authority (FCA)’s new global Fintech regulatory sandbox.

Matt Hancock further highlighted that Blockchain tech “could help us solve some of the great global social challenges of our time,” citing the World Food Programme Ethereum Blockchain aid initiative, which has transferred crypto-based vouchers to 10,000 refugees in Syria, making it possible for them to purchase food without “the need for cash, credit cards or paper.”

The UK government has already earmarked £10 million to give supports to Blockchain projects for electoral systems, clean water provision, solar energy sector, and charitable giving. Matt affirmed the potential of Blockchain to provide users of government services with access to and control over their personal data. Though he didn’t mention explicitly, the European Union’s looming General Data Protection Regulation (GDPR) legislation or the recent data breaches,

In response to “regulatory barriers” to technological growth and innovation, Matt stated that the UK government “want[s] our regulators to be alert and responsive” and to support technological growth and innovation where it is clearly beneficial. Matt Hancock concluded:

“Blockchain poses real and searching questions…What role do nation states have when setting frameworks for these decentralized, cross-border systems? And how do we address the challenges of smart contracts, when computer coding needs specificity and the law often needs interpretation?”

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