UK Parliament to analyse potential blockchain applications

The committee intends discussing several blockchain-related issues such as the potential applications of the technology for the government, including whether it could be used to collect taxes or pay benefits, the regulation of the technology.

The announcement also states that the committee will also discuss “What happens if the technology goes wrong?” and “Could blockchain be used to create a central bank digital currency?”.

Major central banks such as the Reserve Bank of Australia and the People’s Bank of China have expressed their interest in developing a nationalized digital currency. The latest announcement suggests that the UK is also interested in the concept and making efforts to explore the possibility.