The true potential of distributed ledger technology can be only be realised if applications such as smart contracts are layered on top, says a new report by the UK Government’s chief scientific adviser.
Titled ‘Distributed Ledger Technology: beyond blockchain,’ the report also highlights the need for government involvement in supporting the development of the emerging technology.
First, the report adds, the government must develop a clear vision of how this technology can improve the way in which it carries out its business and it is able to deliver services to its citizens.
It notes: “This needs to be followed by government acting as an expert customer to implement the technology — procuring distributed ledger solutions where they are applicable. In doing so, government can support and influence the development of economic activity in this sector, including new and growing businesses as well as larger incumbent businesses.”...