Why We Need A Blockchain Bill
The answer is simple: We want to lead the world, not fall behind.
Once we put the same legal weight behind blockchain technology we long ago did behind paper and 'wet signatures' we can help lead the world
...replace many of our digital (banking, payments and other) slow toll-roads with far faster highways shrinking times from days to seconds (3 to 30 days through a bank network to 3 seconds on the Ripple network – that’s between 86,400 & 864,000 times faster, so let call it a round 100k times). With a similar reduction in costs, because there are no people involved once the network’s running.
This doesn’t just make things a hundred thousand times faster and cheaper, removal of friction on this level makes possible all sorts of things that were completely non-starters before.
On top of all that it makes possible a whole list of things proven impossible (at any scale) before. From micropayments to fractionalisation of assets, decoupling ownership from use of an asset (including houses, cars, art, goods in transit... to name a few) releasing trillions in value currently locked away.
Which is why nimbler jurisdictions, Zug Switzerland, Singapore and Malta spring to mind, are leapfrogging the UK. Its why Liechtenstein have a Blockchain Act.
This really matters Professor Bill Buchanan OBE, of Edinburgh’s Napier University explained to me - and why he’s launched a petition to parliament saying so.
It matters because it means jobs and future prosperity. As well as losing our place in the world versus helping lead it.
This is why you should sign the petition. Britain needs a Blockchain enabling bill.
Please search for and sign UK petition 230869!