Recent news indicates that the blockchain technology that forms the backbone of the cryptocurrency industry could be put to use by the UK government. They are currently exploring options to improve record keeping accuracy and accountability, and one major route they are looking at is the adoption of Blockchain record keeping.
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With efforts to increase the accuracy and accountability of record keeping being high on the list of the UK government’s priorities over the next few years, the search for a better record-keeping methodology is well under way. Under the current system, numerous registers - public, private, and closed - are collated using a variety of disparate and incompatible methods. The UK Cabinet office is considering using Blockchain technology to improve that system.
With a government register, data integrity is crucial. Any new system that is adopted should be able to provide proof that the data integrity is being properly maintained, transparently store the history of changes to those records, and be open to independent scrutiny. While the government is also assessing other models, they feel a blockchain solution could be the solution they need for resolving problems such as data discrepancies.
The industry itself has received this well, noting that the blockchain has been developed to be the best method available for producing transparent and accurate records.