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The House of Lords calls on the UK Government to study the implementation of DLT



The House of Lords, the upper house of the U.K. parliament, has published a report highlighting the opportunities for distributed ledger technologies (DLT) through public services.



28.Nov.17 4:07 AM
By Daria Zaytseva
Photo Toinnov.com

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The House of Lords calls on the UK Government to study the implementation of DLT

Speaking about the fact that the technology could have possible applications in all sectors, including customs and immigration, national security and public safety, health, cybersecurity and much more, the report says that using the DLT could change the relationship between the government and citizens through its decentralized trust mechanisms.

The U.K. government, as highlighted in the report, should give high priority to investigating the potential of DLT to improve the decision-making process and provide public services. In addition, "greater leadership" from the government is required in research, standards development, testing and improvement of interagency cooperation.

However, posing DLT-related threats, the report argues that the technology is still "immature", emphasizing the risks of initial coin offerings (ICOs) and "unresolved issues" that could pose a threat to technology-based systems.

In July 2016, a committee in the House of Lords held a discussion on blockchain technology and its impact on finance and government. Recognizing the potential of the blockchain, the discussion gained a sometimes critical tone when discussing the technology and its impact on finance and government.




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