London must accept blockchain to stay relevant – European official

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London must accept blockchain to stay relevant – European official

Member of the European Parliament Kay Swinburne said that in order to "stay relevant" after leaving the European Union, London should engage in the widest possible implementation of blockchain. 

The EU Lawmaker who plays an important part in legislative processes of the European Union, believes that the widespread introduction of blockchain technologies "will keep London relevant" after Brexit. She shared these thoughts with the Internet publication Business Insider.

She is convinced that blockchain has a huge potential, which economically can only be compared to the Big Bang of the 1980s. At that time, Margaret Thatcher deregulated financial markets, which positively affected their growth.

"We've got proof of concept of DLT in so many areas. It now needs to be scaled up. We've got to take some risks. We have the opportunity to really make a difference in a way that I don't think Europe post-Brexit is going to be able to do," said Kay Swinburne.

First experiments on implementing blockchain were conducted by the financial sector. Bank of America, State Bank of India, Royal Bank of Canada are only a few organizations that use blockchain technologies.

According to the MEP, changes taking place right now can be called the moment of truth, when the country can stay at a high economic level. If the United Kingdom misses this point, it will be rather problematic to regain this position.

Earlier, the Financial Conduct Authority (FCA), which is the UK financial regulator, developed applications using distributed ledger. They will help optimize statutory reporting on mortgage related transactions. In the process of developing these applications, Financial Conduct Authority worked with The Royal Bank of Scotland and the R3 consortium.

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