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UK Discussing Bill That Could See Trade Documents Stored Using Blockchain
The Electronic Trade Documents Bill was introduced in the House of Lords on Wednesday.
Updated Oct 19, 2022, 10:31 a.m. Published Oct 13, 2022, 11:09 a.m.
The U.K. government has introduced a bill that could see it adopt blockchain technology as a way to store documents.
A press release published by the government outlines its intention to become "paperless" when dealing with official documents.
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The Electronic Trade Documents Bill,which was introduced in the House of Lords (the second chamber of Parliament)on Wednesday, could make electronic documentation legally recognized in a move that should reduce carbon emissions if passed into law.
The decision furthers the U.K.'s goal to become a crypto and blockchain hub following endorsements from several members of parliament and most recently from Richard Fuller, economic secretary to the Treasury.
Electronic documents will also increase security by being easier to trace, something that could be achieved through the use of blockchain and distributed ledger technology, the release said.
"The U.K. 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. Digital Secretary Michelle Donelan said in the release.
CORRECTION (Oct. 19, 10:32 UTC): Clarifies the bill was introduced and not yet passed into law.
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