British MP: the blockchain will save 8 billion pounds for the government
Source:
the Blockchain is actively developing around the world, but in the UK, the technology could be on his way. MP Eddie Hughes from the Conservative party said that the government needs in a distributed register — its implementation will allow to raise management efficiency, public confidence in the authorities to expand social freedom. His words are quoted .
How to use the blockchain. The example of Britain
the MP believes that the state institutions, created after the crisis of 2008, faced with a deficit of trust.
After a series of public scandals that were high officials, society has become less trusting of the government. It comes as investigations related to financial fraud and abuse of authority.Now citizens are officials with barely concealed contempt.
in Order to rectify the situation, Hughes proposes to transfer all budget transactions to the blockchain.
block Chain stores all transaction data, they are available to every citizen on demand. In such a situation disappear need to check vast amounts of data, as a distributed registry stores the information about who makes the changes.
in addition, the introduction of the blockchain will allow to save budget money — estimated to Hughes, we are talking about 8 billion pounds a year. Now the money is spent on the salaries of employees of the Supervisory authorities.
How the British government reacted to the proposal of the parliamentarian, is unknown. However, the idea sounds sensible — and if implemented certainly will have a positive impact on the stock market.
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