Share this article
Blockchain Could Reshape Finance Admin, UK Risk Assessors Say
A risk assessment agency within the UK government recently published comments on blockchain technology.
By Stan Higgins
Updated Sep 11, 2021, 12:33 p.m. Published Oct 13, 2016, 9:14 p.m.
Make us preferred on Google
A risk assessment agency within the UK government recently published comments on blockchain technology.
Primarily an overview, the publication by the Government Actuary's Department is the latest to emerge from within the UK government, which has seen a number of offices give their perspective on the technology.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Various offices within the UK government have begun a variety of initiatives focused on blockchain, including efforts to fund projects as part of its broader commitment to technological innovation. Earlier this summer, the UK agency in charge of its welfare programs initiated a trial that uses a blockchain to track payments, drawing scrutiny from some privacy advocated after it was announced.
For their part, the Department of Actuaries notes that, if adopted, the technology could help reinvent the way financial services manage themselves.
The article's author writes:
“In sum: blockchain and its competitors have the promise to revolutionise the currently expensive, inflexible, and slow administrative systems used in financial services.”
It goes on to suggest that broader adoption could take place, so long as relevant regulatory concerns are addressed. At the same time, the department notice cites recent actions by the Financial Conduct Authority as positive in this respect.
Should these barriers be reduced, financial services could reap the benefits of reduced cost and operational complexity.
“There remain a number of significant obstacles in the way of progress but in the coming years we may see the financial services industry becoming more streamlined and efficient if these ‘fintech’ revolutionaries successfully navigate them,” the note concludes.
Image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
The FIDD token will run on Ethereum, serve institutional and retail users, and comply with the new GENIUS Act’s reserve rules.
What to know:
- Fidelity Investments is launching its first stablecoin, the Fidelity Digital Dollar (FIDD), based on the Ethereum network.
- FIDD will be backed by reserves of cash, cash equivalents, and short-term U.S. Treasuries managed by Fidelity, in line with the new federal GENIUS Act's standards for payment stablecoins.
- The stablecoin targets use cases such as 24/7 institutional settlement and onchain retail payments, putting Fidelity in direct competition with dominant issuers like Circle’s USDC and Tether’s USDT while laying groundwork for future onchain financial products.
Top Stories
