As previously explained, blockchain technology is arguably a big spreadsheet in the sky. A blockchain is in essence a distributed ledger that works on a peer-to-peer network of multiple computers known as ÂnodesÂ. Any change to the recorded data on the ledger is then automatically updated on the other servers or nodes.Â Simply put, blockchains store data in blocks, and chain them together to form a unified, unbroken record of that information. In its conception, blockchain technology was created as a core component for Bitcoin, a cryptocurrency which is essentially a digital currency created as a reward for the users in the network using their processing power from their computer to extend the chain further.
It is now being reported that the UK is in prime position to become a leader in this field according to an analysis by the Big Innovation Centre, DAG Global and Deep Knowledge Analytics. This report purports that Britain has all of the resources and governmental/industrial capabilities to become a global leader for this technology by the year 2022. The research was carried out in coordination with the all-party parliamentary group on blockchain.
Specifically, that Sean Kiernan who is the chief executive of DAG Global, said in a statement that the gap would close in the UK between the traditional financial system and the crypto economy.
He then went on to say ÂThe 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,Â he said. ÂThe 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.Â
According to the Guardian newspaper, Birgitte Andersen, chief executive of the Big Innovation Centre said that ÂBlockchain has been recognised 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 industryÂs development and the huge impact it undoubtedly will have in Britain and globallyÂ.
It is also reported that there was in excess of Â£500 million invested into blockchain based companies within the UK in 2017 Â 2018 alone. This shows that by being a leading investor of this technology and crypto market, the UK is on track to take charge and be head boy for an ever-increasing market by 2022.