UK launches Regulatory Innovation Office for economic growth

Getting your Trinity Audio player ready...

It’s no secret that the U.K. economy has been lagging behind its peers in the past decade, but the new government plans to change that.

The government announced the formation of the Regulatory Innovation Office (RIO) as part of a broad package of reforms designed to kickstart the U.K. economy and drive GDP growth. Its mandate is to cut red tape and speed up public access to new technologies.

The RIO will work to update regulations, speed up approvals, and ensure regulatory bodies work together smoothly. It will also work to remove outdated regulations and report to the government continuously as and when obstacles to innovation are identified.

The RIO will initially support four fast-growing tech sectors: engineering biology, space, artificial intelligence, and connected and autonomous technology.

Along with proposed reforms that may allow U.K. pension firms to invest in the country’s most promising startups, the U.K. could be on track to become a global tech leader again.

How blockchain technology can help the UK achieve its vision

Blockchain technology can help the U.K. achieve its aim of becoming a global tech leader again. While blockchain is a potential driver of innovation and growth in and of itself, it can help in several other ways, creating the right environment for other emerging tech sectors to flourish.

How so? By creating unmatched accountability, transparency, and trust, all of which will make the U.K. a desirable place to run a tech enterprise.

Blockchains are immutable public ledgers that can foster transparency in research and development—leaving immutable records of what happened and when would speed up regulatory checks and enable regulators, researchers, and engineers to exchange data and ensure compliance more easily. Combined with smart contracts, blockchains could also foster collaborative innovation between teams.

One sector of blockchain that is already positively transforming is supply chains. Firms like UNISOT are utilizing the transparency of public ledgers to make supply chains more efficient, transparent, and ethical. This is crucial in industries like space tech and engineering biology, which require materials and components worldwide. With ESG being more critical than ever, nations that utilize the power of blockchain to prove their compliance can become global leaders relatively quickly.

Likewise, blockchains can help mitigate the risks associated with AI. They can help verify that training data is high-quality, original and can create positive incentives by making changes to models and their decisions completely transparent. Firms like FICO have already realized this and use private blockchains to ensure their AI systems aren’t biased.

Since all these industries generate vast amounts of potentially sensitive data, blockchains can help store it in a decentralized way. Data stored on private servers can be linked to cryptographic hashes on scalable public blockchains like BSV, meaning any unauthorized alterations or access can be detected and proven. Whereas centralized storage creates honeypots for hackers and rivals to attack, blockchains can distribute the storage of data and make it more secure.

There’s so much more blockchain can do

This only scratches the surface of how blockchain technology can help unleash innovation and drive economic growth!

We haven’t even touched on the power of micropayments and peer-to-peer transactions, the potential for secure, private global communications networks, or how blockchain could give the U.K.’s leading iGaming and financial sectors even more of an edge.

To learn more about how the BSV blockchain is revolutionizing cybersecurity, supply chains, and social media platforms and how it can drive economic growth in the U.K., Europe, and beyond, subscribe to CoinGeek’s newsletter and social media.

Don’t forget to read our article on what blockchains are good for to learn more about the potential of this incredible and often misunderstood technology. Fingers crossed, this is a new start for the U.K., and it can once again become a global leader in the tech sector.

Watch: Breaking down solutions to blockchain regulation hurdles