The UK could seize a leading role in the worldwide crypto industry, largely on the back of more than £500m of 2017 and 2018 investments into the country’s blockchain firms, a new report has claimed.
The report has reached its conclusions after analysis by the Big Innovation Centre, DAG Global and Deep Knowledge Analytics. The report posits that Britain has the necessary resources and industrial and governmental will to form a globally respected crypto hub by 2022.
The digital ledger known as blockchain enables its user to securely and publicly record transactions, agreements and contracts for greater transparency. Those deals are logged on a database to which a network of computers has access, such as in cases where the virtual currency bitcoin is used.
DAG Global chief executive Sean Kiernan has acknowledged that the UK is already a world-renowned financial hub, but that the “gap between the two worlds of traditional finance and crypto economy” can, in approaching years, be expected “to lessen and eventually disappear.”
In further words quoted by The Guardian, Birgitte Andersen, the Big Innovation Centre’s chief executive, remarked: “We are still at the early stages of the blockchain industry’s development and the huge impact it will undoubtedly have in Britain and globally.”