UK Set to Become a Blockchain and Crypto Economy Leader, New Report Says

A new report states the UK has the potential to become a leader in blockchain technology and the crypto economy by 2022, The Guardian reported July 16.

The new report was conducted by the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics, all companies aimed to connect business, academic, and public agencies to provide insights on new innovative technologies.

According to the group's analysis, Britain has the governmental, technological, and industrial resources to become a leader in the crypto economic ecosystem and a global hub for the development of blockchain technology within the next few years.

The report states that more than £500 million in investments were made into British blockchain companies in 2017-2018.

Birgitte Andersen, chief executive of the Big Innovation Centre, told the Guardian that the UK parliament sees promise in blockchain technology and "Has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives."

"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."

This report is not the first one that predicts the global transformation of the crypto economy.

Previously, the National Archives of the UK revealed that it was considering adopting blockchain tech to create immutable entries for digital records.

UK governors and politicians have also been publically promoting blockchain technology recently.

As Cointelegraph reported July 4, housing minister Eddie Hughes has called on the country's leaders to make blockchain development for government a priority "To enable social freedom, to increase efficiency, and to rebuild societal trust."