UK Government Officials Address Blockchain and Web3 in Virtual Event

Natalie Elphicke MP OBE and different UK politicians lately took to the Metaverse to deal with a discussion board of 51 nations about the UK’s nationwide priorities concerning blockchain and Web3 applied sciences. The event was the British Blockchain Association‘s third annual summit.

Setting the Stage for Innovation and Change

In her keynote speech within the Metaverse, Elphicke referred to as on policymakers to “create and assist alternatives for the brand new, for innovation, and for change.” This name to motion comes shortly after the initiation of the UK Parliament’s All Celebration Parliamentary Group (APPG) for Blockchain Applied sciences earlier this month. Elphicke chairs the APPG, which seeks to “discover the potential of blockchain and web3 expertise for UK companies, the general public sector and the broader UK financial system.” The group plans to have interaction with world corporations, business specialists, and teachers.

The Transformative Potential and Dangers of Web3

Elphicke emphasised the paradigm-shifting nature of web3, stating, “Web3 represents a paradigm shift that reimagines the very material of the web.” She additionally famous that “the bodily property are getting tokenized, and this pattern will solely develop from right here.” Whereas discussing the potential of blockchain, she stated, “The UK has the potential to develop into a Blockchain-enabled ‘Sensible Nation’ for Digital Authorities, Residents, and Public Companies. Blockchain-based techniques can cut back prices and enhance transparency in authorities and public sector processes.”

On the identical time, she issued a warning about potential dangers, significantly concerning regulation. “Web3 is world, so if we make and apply legal guidelines that stifle innovation and put pointless restrictions in place, companies will go elsewhere,” warned Elphicke.

Turning to the employment sector, Elphicke revealed some regarding statistics. “Britain is lagging opponents in securing blockchain associated jobs…Within the first quarter of 2023, out of a complete of round 90,000 jobs globally, the UK ranked at quantity 12, securing solely 2,000 of those,” she stated. Elphicke additionally says the “first UK nationwide precedence is Web3 workforce planning.”

Worldwide Web3

Because the UK outlines its method to Web3 and blockchain applied sciences, it’s price noting that it’s not alone on this entrance. Different nations are additionally actively making ready for the burgeoning Web3 period. For instance, China has been creating its blockchain initiatives, and Hong Kong lately rolled out its complete Web3 technique. With the quickly evolving panorama of Web3 applied sciences, international locations worldwide want to organize their very own frameworks, insurance policies, and initiatives to stay aggressive and foster innovation on this pivotal area.

As Natalie Elphicke, MP OBE and her colleagues emphasised, the nation goals to be on the forefront of this digital revolution, albeit with rigorously thought of laws. The race is on, and the stakes are excessive for nations striving to outline their place within the new web3 paradigm.