UK Is Set to Become the Blockchain Leading Country by 2022

UK is set to become the Blockchain leading country by 2022, according to the report by Big Innovation Center, DAG Global and Deep Knowledge Analytics. 

18 July, AtoZ Markets –The new report from the Big Innovation Center, DAG Global and Deep Knowledge Analytics has concluded that by 2022, UK can become a leader in Blockchain technology and the crypto economy. 

UK Is Set to Become the Blockchain Leading Country by 2022

The companies that worked on the report are planning to connect business, public, and academic agencies to provide insights on new innovative technologies. As per the group’s analysis, the UK has sufficient governmental, industrial, and technological resources to become a leader in the crypto economy. The country also has the potential to become a global hub for the development of Blockchain technology by 2022.

The report also notes that more than £500 million in investments flown into UK Blockchain companies in the last two years. The authors of the report consider the Blockchain technology to still be in the early stages of development globally. This fact adds to the UK’s potential leadership in this nascent market. 

The Chief Executive of the Big Innovation Center, Birgitte Andersen, has stated that the UK parliament believes that Blockchain technology is a prospective initiative and “has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives.”

Sean Kiernan, the chief executive of DAG Global, stated that the disparity between UK’s traditional and cryptocurrency economies is set to “lessen and eventually disappear” within the next few years:

“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.”

Cryptos Will Become Mainstream Means of Payment

This report does not appear as a surprise for crypto markets since one of the recent studies by the Imperial College London has found that cryptocurrencies can become the mainstream means of payment in the near future. 

Imperial College London’s study talks about Bitcoin and cryptocurrencies. The authors of the research have endorsed cryptocurrencies, stating that they are a viable evolutionary “next step” for money. It was also mentioned that cryptos have the potential for mass adoption, thus they can enter the mainstream financial market during the next decade. 

The report has been entitled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption.” It claims that Bitcoin and other cryptocurrencies will be utilized as a means of a daily payment mode for services and goods.

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