United Kingdom to Remain At The Forefront Of Cryptocurrency and Blockchain Revolution

As per the latest report by The Guardian, United Kingdom is poised to emerge as a leader in the global cryptocurrency economy in four years from now i.e. by 2022. This report has been conducted and presented by three different companies the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics.

All these companies connect across public, academic and business agencies to provide insights on emerging technologies. The report mentions that the U.K has all the required resources - industrial, technological and governmental to emerge as a global hub in the development of blockchain technology as well as a leader in the crypto economic ecosystem.

DAG Global’s Chief executive Sean Kiernan believes that in the coming years, the gap between the crypto economy and the traditional economy would close in and UK will play a crucial role in it. He said: “The UK is a major global financial hub and in recent years has become a fintech leader as well. At the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy. The gap between the two worlds of traditional finance and crypto economy remains, but in the coming years we can expect this to lessen and eventually disappear.”

The report also goes to mention that nearly 500 million pounds of investment has been made in UK’s blockchain companies during the period of 2017-18. Moreover, companies operating in the blockchain space in UK are getting a lot of support from the UK parliament members and the government.

Birgitte Andersen, chief executive of the Big Innovation Centre said: “Blockchain has been recognized by the UK parliament as a very important and disruptive technology, and it has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives. We are still at the early stages of the blockchain industry’s development and the huge impact it undoubtedly will have in Britain and globally.”

Since the beginning of 2018, the Central Bank of U.K is seen working on several blockchain initiatives. At one time, it also considered to have its own cryptocurrency but later it scrapped the plan citing non-feasibility of operations.

Professors from the Oxford university are also working to create the world’s first “blockchain university” with the intent of democratizing the traditional structure of higher education.