Significant U.K. Government decision towards digital future

Significant U.K. Government decision towards digital future. Will blockchain enable the adoption?

The U.K. government has passed The Electronic Trade Documents Bill, which could see it adopt blockchain technology as a way to store documents.

The Bill which was approved in the House of Lords on Wednesday 12th, will make electronic documentation legally recognized in a move that not only should reduce carbon emissions but will boost the UK’s international trade already worth more than ￡1.4 trillion.

It will also reduce the estimated 28.5 billion paper trade documents printed and flown around the world daily

The decision furthers the?U.K.'s goal to become a blockchain hub?following endorsements from several members of parliament and most recently from Richard Fuller, economic secretary to the Treasury.

Electronic documents will also increase security by being easier to trace, something that could be achieved through the use of Blockchain and DLT (distributed ledger technology), the release said.

"The U.K. was central to establishing the international trade system in the nineteenth century and we are once again leading the world to boost global trade in the twenty-first century," U.K. Digital Secretary Michelle Donelan said in the release.

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