Britain will be a blockchain leader in the next decade
The UK is in pole position to become a global blockchain leader and champion of cryptocurrenies by 2022 according to a new report.
The report, cited by the Guardian with analysis compiled by the Big Innovation Centre, DAG Global and Deep Knowledge Analytics, said Britain has all the resources needed for it to become a global hub for new fintech industries.
Crypto hub in the UK
Sean Kiernan, chief executive of DAG Global, said that while the UK is already a major financial hub for traditional investment, such as equity, commodity and currency trading, the crypto economy was poised to catch up.
“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.
Kiernan added: “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.”
Commitment to fintech revolution
Around half a billion pounds were invested into UK blockchain and cryptocurrency enterprises in the last financial year, representing a major commitment to the fintech revolution, said the report – which was authored in co-ordination with a cross-bench parliamentary committee on blockchain.
“We are still at the early stages of the blockchain industry’s development and the huge impact it undoubtedly will have in Britain and globally,” said Birgitte Andersen, chief executive of the Big Innovation Centre.