techUK today publishes its thought-leadership paper on Distributed Ledger Technologies: 'Playing Catch-up, Incorporating Distributed Ledgers into the Technology Stack and Repurposing the Wider Ecosystem.'
Blockchain and Distributed Ledger Technology have been seen as offering solutions to a myriad of problems. Sorting out the hype from the reality in real market applications is now the task for forward-thinking experts.
techUK’s new paper takes an in-depth look into the evolution of DLT and its potential applications. It asks what are the risks for companies in implementing it and what regulatory challenges the technology raises.
Rogder Oates, from Tata Consultancy, co-chair of the techUK Working Group on DLT and co-author of the paper comments, "Every new technology is hyped, and DLT has had more than it's fair share, but it has the potential to be as disruptive as the internet, offering a secure transparent platform that will disrupt existing business models and create entirely new ones."
Read the techUK White Paper for a deeper look at these complex issues. Our paper identifies a number of key points which now need to be addressed:
• A new approach to technology neutrality, is there a role for the state to begin conversations around infrastructure?
• Regulators need to keep a watch for consumer outcomes in crypto-currency and crypto-fundraising markets as well as competition in markets where there is the presence of DLT consortia.
• Dept for Digital, Culture, Media and Sport and the Information Commissioner's Office should look to future proof data protection regulations by assessing DLT through the principles of data protection.
• Regulators should lead on the development of DLT solutions to interface regulatory reporting systems.
• Regulators should engage in mutual learning and collaborate effectively where there is the intersection of regulated activities
• Continue experimentation and research into government use of DLT and how to ensure privacy and security.