UK risk assessment agency believes blockchain can reshape financial administration

Baozou Comment : The UK and government departments have been involved in the development of blockchain for a long time, including technology promotion and direct capital investment. In the process of practice, summarizing experience is an important step to further deepen technological reform. Therefore, the risk assessment agency of the UK government recently summarized and released a blockchain technology report, briefly describing the current development status of the field, as well as the understanding and expectations of government officials on the technology. In the end, it was concluded that as long as the regulatory issues are resolved, the financial sector will definitely gain a lot from it.

Translation: Annie_Xu

The UK government’s risk assessment agency released a report on blockchain technology.

A briefing paper published by the Government Actuary's Department contains government officials' views on the technology.

Several departments of the British government have launched blockchain projects, including technology innovation investment. In early summer, the British welfare project regulator launched a blockchain test project to track payments, which attracted the attention and concerns of some privacy supporters.

The actuarial sector noted that the technology application could change the way financial services are self-managed.

"In summary, blockchain and its competitors have the potential to transform the expensive, rigid, and inefficient administrative systems in the financial services sector."

The report states that blockchain is likely to be widely used once regulatory issues are resolved, and the department points to the UK Financial Conduct Authority’s move as positive.

Once regulatory barriers are overcome, financial services can be provided at low cost and with low operational complexity.

"There are many obstacles ahead, but we may see a more efficient financial services industry in the next few years as long as these Internet financial technology innovations successfully play a leading role."