The UK government endorsed the digital document bill as a solution for the storage of documents. The legislation required to enable the usage of blockchain technology.
Indeed, the government asserted in a press release on October 13. Its desires to transition away from utilizing paper in processing authorized documents.
The Electronic Trade Documents Bill,(ETD) was passed on Wednesday, October 13. The House of Lords would make it attainable for electronic paperwork to be legally recognized. Resulting in a reduction in carbon emissions by at least 10% and a decrease in the estimated 28.5 billion paper trade documents published and flown around the world daily.
UK Digital Secretary Michelle Donelan:
“The UK was central to establishing the international trade system in the nineteenth century, and we are once again leading the world to boost global trade in the twenty-first century. Our digital-first plans will make it easier for the country’s firms to buy and sell around the world – driving growth, supercharging our economy, cutting carbon, and boosting productivity.”
The UK plans to become a crypto and blockchain hub
Following assets from several members of parliament. Including, most recently, Richard Fuller, Economic Secretary to the Treasury, the determination moves the United Kingdom closer to fulfilling its objective of becoming a center for cryptocurrency and blockchain technology.
According to the press release, electronic papers will also enhance security. Since they will be more straightforward to track. This is something that might be achieved with the use of ‘blockchain and distributed ledger technology.’
It’s worth mentioning that Finbold reported last year. That the UK’s regulator, the Financial Conduct Authority (FCA), publicized it would leverage blockchain technology to improve its regulatory reporting. According to the FCA, the blockchain-based digital regulatory reporting initiative desires to lower costs in compliance checks.