House of Lords Urges UK Government to Explore DLT Adoption
The U.K.'s House of Lords has released a report highlighting the opportunities for distributed ledger technologies across government services.
The House of Lords, the upper chamber of the U.K. parliament, has released a report stressing the opportunities for distributed ledger technologies (DLT) across government services.
Saying the technology could have possible applications across sectors including customs and immigration, national security and public safety, healthcare, cybersecurity and more, the report suggests that the use of DLT could change the relationship between the government and citizens via its decentralized trust mechanisms.
The U.K. government, the report urges, should prioritize research into DLT's potential to improve decision-making and delivery of public services. Further, "greater leadership" from government is needed in research, developing standards, conducting trials and improving cross-departmental collaboration.
Outlining the threats associated with DLT, however, the report argues that the technology is still "immature," stressing the risks from initial coin offerings (ICOs) and "unresolved issues" that could pose threat to systems based on the technology.
Lord Christopher Holmes, who led the release of the report, said in a foreword:
In July 2016, a committee within the House of Lords hosted a discussion on blockchain technology and its impact on finance and government. While acknowledging blockchain's potential, the discussion took a sometimes critical tone when discussing the technology and its impact on finance and government.
UK parliament image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.