Former British prime minister David Cameron has said that bitcoin and blockchain technology have the potential to improve both financial inclusion and government transparency, according to reports.
Cameron, who served as prime minister from 2010 to 2016 before resigning in the wake of the Brexit vote, made his comments at the opening of new London offices for bitcoin startup Blockchain earlier this week. According to Business Insider, Cameron conceded his limited knowledge of the tech, but stated his belief that it could have a significant impact beyond finance, particularly in regards to public services.
He reportedly said:
"Obviously you've got amazing opportunity using blockchain technology in areas like banking and finance and insurance, but I think some of the public policy applications are potentially transformational."
At the same time, Cameron pointed to the tech’s potential to give those without financial access the ability “to be able to have property rights, to be able to carry out transactions”.
“Your opportunities, for instance in the remittances markets – a huge market, to help people have lower transaction costs and better property rights, are massive,” he went on to say.
The event wasn’t Blockchain’s first encounter with the ex-PM. The startup was among a group of businesses representing the UK's fintech space during a state trade mission to Asia, which Cameron undertook in 2015.
In this week's remarks, Cameron voiced support for the use of blockchain tech in improving the transparency of governments, enabling the development of “a sense of trust in the institutions that we use”.
"I think you're on the brink of a very exciting revolution in all of those areas, which as someone involved in public life is very interesting,” he concluded.
Image courtesy of Blockchain