UK Parliament Receives Demonstration Of Blockchain Applications

By Rishma Banerjee

The use cases of blockchain technology have grown by leaps and bounds and more and more sectors, gradually are realizing the potential of this new tech. The U.K. Parliament recently became one such institution where demonstrations of real-world blockchain applications were presented, in order to educate policymakers.

The All-Party Parliamentary Group on Blockchain (APPG Blockchain) onon Monday organized an event featuring live presentations from four firms working in the blockchain industry: IOTA, Oracle, Everledger and Lloyd’s of London. According to a statement which was released by the organizers, the audience members consisted of members of parliament, government officials and industry leaders.

The live demonstrations focussed on the potential of blockchain in real-life applications in a spectrum of  supply chains- olive oil and diamonds (Oracle and Everledger, respectively), international trade (IOTA) and insurance claims and transactions settlement (Lloyd’s).

Fernando Santiago, blockchain research and project manager at Big Innovation Centre, is of the opinion that the event could mark an important step for the U.K.’s blockchain industry. He said,

“This is a pivotal moment for UK, which could define our future leadership in governance, commerce and competition.”

In the run-up to the event, the group also published the Online Blockchain Showcase, featuring videos of 10 companies working in the space. These 10 companies also were featured in the live showcase, undertaking a “One-Minute Challenge” suggesting how the government could assist in popularizing the use of blockchain, especially in sectors like healthcare and education, as well as finance and industry.

The organizers have said that the event was inspired by the positive results of a 2018 analysis of the U.K. blockchain industry, presented by APPG Blockchain on its website along with associated organizations.

APPG Blockchain was set up by cross-party members of parliament so as to ensure that the U.K. plays a significant  stake in the potential opportunities that blockchain can provide for the nation’s economy, society, governance and provision of public services, according to its parliamentary web page.