The UK has what it takes to become world leader in blockchain technologies and cryptocurrencies, according to a new report.
Big Innovation Centre, DAG Global and Deep Knowledge have released research which says UK blockchain companies have seen more than $500 million worth of investments in the last year and a half.
It also says the government has shown the necessary will to turn the country into a blockchain powerhouse.
Sean Kiernan, the chief executive of DAG Global, said the gap would close in the UK between the traditional financial system and the crypto economy.
“The UK is a major global financial hub and in recent years has become a fintech leader as well. At the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy,” he said. “The gap between the two worlds of traditional finance and crypto economy remains, but in the coming years we can expect this to lessen and eventually disappear.”
Blockchain is a distributed, decentralised ledger technology, which allows a secure and public way for making and recording transactions in a trustless environment. Bitcoin is its most popular use case, although blockchain has many applications, and not all include the creation of a cryptocurrency.
In the blockchain, a database is shared, and comprised of a list of chronological transactions.
Image Credit: Zapp2Photo / Shutterstock