A new report from four top development companies has placed its bet on the UK reaching leadership status in the digital currency economy and development of blockchain technology. And the group whose business is bringing together different stakeholders in search of new technologies and innovations, has stated that Britain is likely to reach those heights by 2022, no more than four years from now.
The Big Innovation Centre, Deep Knowledge Analytics, and DAG Global, who together produced the report, said the UK was already a global hub in the traditional financial world, and was fast becoming a financial technology leader as well. And it had all the necessary resources in terms of technology, industry and government to close the current gap between the current economic system and the virtual economy.
DAG Global CEO Sean Kiernan told the Guardian that while there was still a gap between the two systems “in the coming years we can expect this to lessen and eventually disappear”.
UK Government Backs Blockchain Development
The report said the British parliament had shown its belief in both the importance of the blockchain technology and in the country’s potential in terms of technology development in this field. This was apparent in the implementation of various government initiatives aimed at accelerating the digital economy and had been further backed up by the investments totaling more than £500million ($660m) the government made into UK blockchain development in the past two years.
This made it even more possible that the country whose blockchain development industry was currently, like that in the rest of the world, in the early stages of development, could realize its great potential and become a world leader in the virtual economy sector.
This latest report is not the first one to spot the potential of the crypto currency to transform the global financial structure. It backs up an Imperial College London study carried out together with the UK’s eToro trading platform recently.