How does blockchain technology play a role in serving the global and local economy?

How does blockchain technology play a role in serving the global and local economy?

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Answer How does blockchain technology play a role in serving the global and local economy?

A member of the British Parliament, Eddie Hughes, stated that the British government needs to appoint a government official specialized in the field of blockchain to enable social freedom, increase efficiency and rebuild societal trust. This came within a report issued today entitled (Unlocking Blockchain), in which the member made a number of other recommendations that support and encourage developers and talented people.

Among the proposals was a development goal of the blockchain for its application in the United Kingdom, and it is described as a long-term goal for government departments to achieve 1% efficiency through the application of blockchain technology and modern technologies.

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If 1% efficiency is achieved, this will save 8 billion pounds ($10.5 billion) by applying blockchain technology to public service databases in the country.

The proposal included that companies that benefit from the increased adoption of blockchain technology can fund international competitions and events in the blockchain world to benefit from them and the national economy as a whole.

The proposal also mentioned that one of the problems facing the state is the “deficit of confidence”, which is the lack of confidence of individuals in government institutions after the financial crisis in 2008 AD, and the emergence of many public scandals between the misuse of financial authority and expenditures in the state.

Thus, the blockchain technology provides a clear and unmodifiable asset tracking service, and it is a modern method that enables the government to raise the level of transparency in government institutions and raise the level of public confidence in these institutions.

As mentioned in a report Santander Fintech, that banks are able to reduce costs associated with international payments and transfers and comply with government regulations through the application of technology. The report also added that the cost reduction may reach $20 billion by 2022.

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Sweden also stated that it expects to save $100 million by applying blockchain technology to the national land registry through a process automation program that prevents fraud.

As for the Arab world, I mentioned Dubai Blockchain Strategy, the technology has many environmental benefits and is able to economically reallocate 25.1 million productive hours by reducing document processing times and lowering CO2 emissions through its application in the airline industry.

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