| row-start col-xs-12 |
| row-start col-md-7 |
How the UK’s Blockchain Innovation is Shaking up More than the Fintech Sector
Initially making its name during the Bitcoin boom, blockchain (sometimes known as distributed ledger technology) has jumped up the agenda, quickly gaining traction as one of the world’s most exciting new technologies. And although it is most frequently linked with the crypto-currency movement, blockchain’s potential application goes far beyond this sector.
With boundless possibilities, many UK companies have started to test the limits of what blockchain can achieve, leading the way for new and innovative applications.
Perhaps the most exciting is DADI – Decentralized Architecture for a Democratic Internet. The organisation has lofty goals, aiming to launch a new internet that is fairer, safer, faster, and not controlled by large tech companies.
Using a peer-to-peer blockchain network, DADI’s internet uses spare computing power in homes and businesses, rather than expensive, less environmentally-friendly central data centres – a saving of up to 60% compared with existing internet infrastructure. Hopes for the technology are high with the group raising over £22 million in January 2018, the UK’s largest early-stage funding round for that year.
Elsewhere blockchain is being used to tackle issues within the workplace. Vault Platform, a UK start-up, is aiming to improve employment culture by allowing workers to report and resolve misconduct issues through blockchain. By storing private, immutable records of workplace incidents, the technology gives employees the ability to build a verifiable and credible timeline of events.
Blockchain is also being used to tackle issues of ownership and licensing in the creative media industries. Although in its very early stages, FilmChain is promising to create a platform that will automatically collect the revenue earned by films and divide it between the participants, increasing both transparency and efficiency. Similarly, UK company Jaak’s mission is to support the music and media industries by helping to simplify content licensing on the web, as well as ensure artists and producers can retain ownership of their content.
And following in the footsteps of crypto-currency, the wider financial services industry is now looking at how blockchain can be used to exchange fiat currencies. Billon, for example, allows users to send and receive money in real time, wherever and whenever they want.
As blockchain continues to mature, the number of new applications continues to grow. The potential usages are innumerable, but one thing is certain – the UK is playing a pivotal role in revolutionising today’s industries with blockchain.
| col-sm-12 col-md-5 row-end top-80 |
