UK Government Risk Assessment Agency article: Blockchain is not a dream to reshape the financial services industry (download the full text)

The UK government risk assessment agency recently published an article on blockchain technology (full text download from Coin Library).

The article was published by政府精算部（GAD） , which expressed its views on blockchain technology. Recently, many departments within the British government have begun to show interest in this technology.

Many agencies within the UK government have begun to study blockchain, using a variety of methods. Some agencies promote technological innovation through investment projects. In July this year, the UK government's Department of Work and Pensions conducted a blockchain trial, using the technology in the welfare system to track transaction records. Later, the outside world accused the project of leaking personal information.

In the view of the UK Government Actuary Department, the successful implementation of this technology can reshape the operating model of financial services institutions.

The article states:

In short, blockchain and its related technologies are expected to completely reform the high-cost, inefficient and rigid management systems currently used by financial services institutions.

The article further stated that the popularization of blockchain is possible as long as the relevant regulatory issues are properly addressed. At the same time, the Actuarial Department also praised the efforts made by the UK Financial Services Authority (FCA) in this regard.

Once regulatory barriers are removed, the financial services industry will be able to benefit from blockchain technology to reduce costs and streamline operations.

The development of blockchain technology currently faces many major obstacles, but in the next few years, as long as the financial technology reform is implemented smoothly, the operating procedures of the financial services industry will be simplified and efficiency will be improved accordingly.