UK Government Actuary’s Department sees potential in blockchain technology

The UK Government Actuary’s Department, in its monthly bulletin for the month of October, has aforesaid that blockchain technology has the potential to revolutionize the present body systems employed in monetary services.

It aforesaid that organizations presently keep a record of all the data with reference to a contract on a central, non-public info. The implementation of a blockchain-based system would provide how to try and do this that's accessible to a wider cluster of parties, securely, tired one place, pursuit each step on the means.

In specific, the GAD noted that in monetary securities trades, it's claimed that the transactions would be orders of magnitude faster and cheaper if the system is underpinned by blockchain-like technology.

The statistician Department conjointly emphasised that there ar many challenges that require to be overcome for widespread use of the technology. It aforesaid that the “anonymity” feature offered by blockchain might facilitate support criminality like concealing. Also, regulation isn't sufficiently developed at this time to facilitate widespread use.

“It would be necessary for a sturdy system of regulation to be in situ before government bodies back blockchain and before firms and people ar willing to trust the system and adopt it fully”, it added.

The UK government has been exploring the thought of blockchain technology for quite a while. Earlier in Gregorian calendar month, GB Government Chief Scientific consultant Sir Mark Walport during a report suggested that the govt. ought to offer ministerial leadership to make sure that government provides the vision, leadership and therefore the platform for distributed ledger technology inside government. additional recently, it had been reported  that the monetary Conduct Authority (FCA) is considering approving companies victimization bitcoin’s underlying blockchain technology.

“Should such approval be granted this could be a primary for blockchain obtaining the regulator inexperienced light”, the GAD aforesaid.


source : www.econotimes.com