Press Release in response to House of Lords report on Distributed Ledger Technologies

The British Blockchain Association welcomes the report by the House of Lords, presented by Lord Christopher Holmes, titled “Distributed Ledger Technology (DLT) for Public Good”.

Member of the British Blockchain Association’s Advisory Board Professor Bill Buchanan OBE said:

“The report from Lord Holmes puts innovation at the core of our future economy. The focus on Blockchain technologies will provide a fundamental building block in making sure that our interactions around electronic transactions are more credible, and thus provide us with a more secure future. It defines ways to advance economic development. We have the opportunity to provide enhanced public services which enact smart contracts and where we remove bureaucracy and focus putting the citizens at the core of our interactions. Many of our existing data infrastructures lack any form of trustworthiness; we need strong governance and integrate encryption to both protect and also to prove identities for access control. Our foundations for our future will be built around the areas that Lord Holmes defines, and we must focus on building strong foundations that our next generation can build on, and prosper. The UK must focus on becoming a world-leader in digital technologies and follow nations such as Estonia in creating skilled-workforce and infrastructure, in advancing both social change and economic development.”

Advisory Board Member Professor David Lee Kuo Chuen said:

“Decentralisation provides incentives for research & development. However, it requires far-reaching policy changes to tackle multiple constraints to technological adoption. Political will and strategic thinking could unlock the enormous growth potential of moving the economies closer to the technological frontier. Economic incentives must be inclusive and regulations must not stifle innovation. There is potential for exponential growth and mass adoption; distributed innovation is I believe the way forward.”

British Blockchain Association Co-Founder, Dr Naseem Naqvi said:

“We fully support the proposition that the United Kingdom should take a lead role in testing the applications of digital technologies, because of its potential to transform public and private services and the relationship between citizens and the government”

Dr Jane Thomason, member of the Advisory Board of the British Blockchain Association, added:

“The report is visionary and the House of Lords is to be congratulated on its leadership in this transformational area. Part of being a global leader in DLT also includes harnessing its international development programme to enable emerging markets to prepare for digital transformation, to use the power of DLT to reduce poverty and inequality and to solve global problems such as climate finance and green energy.”

British Blockchain Association Co-Founder, Dr Mureed Hussain confirmed full support of the Association to enable implementation of the report’s recommendations:

“We offer the British Blockchain Association as an active partner to government in this transformative effort. We can support industry verticals and would welcome a role on the Steering Committee. This is one of the most exciting reports from the Government in a decade!”

The British Blockchain Association is a not-for-profit organisation that has been set up to promote the comprehensive adoption of blockchain technology across the public and private sectors in the United Kingdom. The House of Lords report is aligned with the British Blockchain Association’s mission to work in strategic collaboration with organisations and individuals in the blockchain space, by innovating best practices and adopt promising blockchain solutions to benefit wider community.

End.

For further information, please contact:

Communications Office

The British Blockchain Association

Kemp House, 152–160 City Road

London, EC1V 2NX

United Kingdom

www.britishblockchainassociation.com

Email: admin@britishblockchainassociation.com

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