Home » bitcoin updates » Innovation through Blockchain in the United Kingdom

Innovation through Blockchain in the United Kingdom

Wednesday, November 29th, 2017 | bitcoin updates

The UK is increasingly exploring blockchain technology and its potential for innovation. Two recent reports point to possible benefits of the technology. In particular, communication between government and citizens will be improved. Blockchain technology and its potential for innovation and infrastructure improvements are at the heart of recent reports. For example, the House of Lords in its report "The Future of Public Service Identity: Blockchain" pointed out that the technology could change the communication and the relationship of trust between the government and the citizens. In the report, the initiators emphasize that the blockchain Technology can make projects around the topic of digital identity significantly safer. In doing so, they compared four existing systems. Four ways to manage identityThey came to the conclusion that the centralized approach promises the least control by the user. In this approach, a single entity has control over digital identity. A second approach is the "federated" approach. Several interconnected instances control identities. This model is currently used by gov.uk. The user-centric approach used by the Estonian government allows individuals or administrators to control identity across multiple authorities. Using Blockchain would now allow governments to be completely self-governing Approach to digital identity tracking. In it, individual users could control their identity centrally and at the same time compare it with different authorities and instances, without losing control over it. In this way, one could organize all involved processes decentrally, which makes it easier to synchronize data. In particular, it can save people who are often in different places from having to go through the same processes to validate their data. At the same time, the data remains secure. The government that uses the technology can keep all the rules or laws in smart contracts. These are then automatically executed each time – a high saving of bureaucracy. Identification is then easily handled via a smartphone app.More innovation through BlockchainA report by Lord Christopher Holmes points to the implications of the technology that can improve the country's infrastructure. The report highlights the benefits in the public sector. This includes the decentralized organization of insurance, border control, taxation and health care. Among other things, the report recommends the creation of interdepartmental initiatives in public services. It is proposed to start pilot projects. In addition, one should establish an independent organization that can provide the necessary insurance-related and technical support. "With the right mix of leadership, collaboration, and expert guidance, technology continues to help us in both the private and public sectors. By reducing the fragmentation of data and at the same time guaranteeing the traceability of the data as well as identifying their respective responsibilities, distributed ledger technology promises cost savings and a gain in efficiency – enough to guarantee widespread impact, "explains Lord Christopher Holmes, one of the authors of the report. Apart from the potential benefits, the report has also highlighted the risks associated with the technology. Above all, it is still not fully developed – which is always in case of problems with ICO's outer. As you can see, not only in the UK is engaged in the finance sector with the blockchain technology. In addition to solutions in identity management, they also discussed solutions in the health and legal systems. The idea of ​​organizing digital identity using blockchain technology has already become apparent elsewhere. A similar proposal was recently made in Canada. In Finland earlier this year, they also thought about developing an identity management system for refugees.BTC-ECHOAbout Phillip HorchPhillip Horch completed his master's degree in Literature-Art-Media at the University of Konstanz in October 2017 and has since been working as a freelance journalist. Already during his studies he wrote for various magazines and now he is gaining a foothold in Berlin. The main focus of his journalistic work is on the opportunities and challenges of digitization, so that for some time now he has also dealt with the topic of blockchain and cryptocurrency. All contributions by Phillip Horch

Related

OUTLOOK at midday / busin

The most important events and news on the economy, central banks, policy from

Musicstreaming: US label

                         (Picture: StockSnap)                                            Because Spotify should not have secured

Free Church Wi-Fi: Godspo

                         (Picture: godspot)                                            After much deliberation, the Evangelical Lutheran

EU Migration Policy: EU C

The European Court of Justice (ECJ) has rejected the action brought by Hungary