UK Deep Into Blockchain With the Approval of a New Bill

• The government of UK has announced the approval of a new bill that will enable the use of Blockchain as a solution for the storage of documents.
• The Electronic Trade Documents Bill will play a huge role in the reduction of carbon emissions by approximately 10% 

Most of you can confess that conducting business while handling a lot of paperwork could really get the better of you.  The UK government has made a big move to make sure that businesses in Britain are conducted in a much easier, faster, and cheaper manner.

The government of the UK has announced the approval of a new bill that will enable the use of Blockchain as a solution for the storage of documents. This became evident when the government of the UK announced the glad tidings in a press release on 13th October. It was the government’s desire to do away with the use of paper in processing official documents.

UK Curbs Down Carbon Emission by at Least 10%

The House of Lords, the second chamber of the UK parliament hosted members who passed the Electronic Trade Documents Bill on October 13th. The bill will see electronic paperwork legally recognized.

Additionally, the bill will play a huge role in the reduction of carbon emissions by approximately 10% and cut down the 28.5 billion paper trade documents printed and flown around the globe daily.

According to the UK Digital Secretary Michelle Donelan;

Our digital-first plans will make it easier for the country’s firms to buy and sell around the world – driving growth, supercharging our economy, cutting carbon and boosting productivity.”

She also added that;

The UK was central to establishing the international trade system in the nineteenth century, and we are once again leading the world to boost global trade in the twenty-first century

U.K Takes a Deep Dive Into Crypto and Blockchain

with every onset, the UK sets out on its mission to be the center of blockchain and crypto. Following Richard Fuller, the Economic Secretary to the Treasury and a handful of other members of parliament have moved the UK closer to achieving its objective.

As claimed in the press release, electronic will be much easier to track hence increasing the protection of documents.