According to an in-depth analysis report, should the United Kingdom further pursue a bullish approach to the blockchain and cryptocurrency industry, it has “significant potential to become a global blockchain hub by 2025”.
World-class qualities ready for the New Digital Era
The 960-page analysis report was produced in a collaborative effort between DAG Global, Deep Knowledge Analytics and the Big Innovation Centre. The paper concludes that the United Kingdom is in a rather unique position to become a significant force during the rise of the Digital Economy 2.0.
The report finds that the UK has an “unprecedented potential to become a global leader” in the blockchain field thanks to its status as a global financial hub, a leader in world-class business practice, commerce and law, and furthermore, as a nation that has strong governmental and industrial support for blockchain technology and cryptocurrencies.
With these qualities and others mentioned in the report, all that is required is a ‘proper assembly’, with an efficient and synergistic approach. For example, if the UK government can provide enough resource and support to blockchain-based startups, as well as fully commit to blockchain as being the future of financial transactions, data storage and other use-cases, it could utilize its disruptive capabilities so much so that it would secure its world-leading position but also prevent “stagnation”.
That is also well underway; between from 2017 to 2018, over GBP 500 million worth of investment was poured into UK blockchain companies and this figure is expected to rise.
Fourth Industrial Revolution
One volume of the gigantic paper focuses on the “Practical applications and use cases” of blockchain technology, giving a nod to technologies touted as hallmarks of the “Fourth Industrial Revolution” such as, artificial intelligence (AI) and the Internet of Things (IoT).
Use cases and applications also include the tracking of welfare spending, the UK energy sector, charity and healthcare, going so far as to suggest that blockchain can find itself imperative in solving the NHS crisis.
In the paper, it is considered that key next-generation IT technologies such as AI are to converge with blockchain technology. Fascinatingly, it also anticipates blockchain technology itself being disrupted by next-generation IT solutions and becoming a staple within any industrial or governmental application.
Digital Economy 2.0
It is considered by the paper that 2018 is the “inflection point”, the beginning of blockchain’s catalyzing transition from the present digital economy to what is known as an “Augmented Economy” – the Digital Economy 2.0.
At this point, the blockchain, AI and other aforementioned next-generation technology solutions will penetrate the majority of social activities and norms with finance, law, regulation, commerce and even governance included. The “true peak” of this transition to an “Augmented Crypto Economy”, according to the paper, could occur around 2022-2025.
Sean Kiernan, chief executive of DAG Global 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.”
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