Falling behind on blockchain

Britain is lagging competitors in securing blockchain related jobs, and has fallen behind Germany, the US, Spain, and India. In the first quarter of 2023, out of a total of around 90,000 jobs created globally in blockchain and Web3, the UK ranked at number 12, secured only 2,000 of these.

Parliament has launched a new Parliamentary Group for Blockchain Technologies chaired by Natalie Elphicke MP, and she recently addressed a gathering of 51 nations in the metaverse as a unique avatar (see pic), setting out the opportunities for the UK blockchain and Web3 industries.

She explained: “Web3 represents a paradigm shift that reimagines the very fabric of the internet. It is unquestionable that our world is being tokenised. From real estate to precious metals, from arts and collectibles to education credentials, from stocks and bonds to Carbon credits and energy tokens, the physical assets are getting tokenised, and this trend will only grow from here.”

Elphicke said that “the UK has the potential to become a blockchain enabled ‘Smart Country’ for digital government, citizens, and public services. Blockchain-based systems can reduce costs and increase transparency in government and public sector processes. Self-executing algorithms can streamline interoperability, increase trust and efficiency in online civil systems.”

And added: “Regulation and effective policies can help to mitigate some of the risks but cannot eliminate them. Web3 is global so if we make and apply laws that stifle innovation and put unnecessary restrictions in place, businesses will go elsewhere.”