The UK government may be the next user of the Bitcoin blockchain's non-monetary functions

The UK government may be the next user of the non-monetary functions of the Bitcoin blockchain. Every day, news about this emerging technology emerges in an endless stream. Not long ago, Andrew Haldane, chief economist of the Bank of England, proposed the establishment of a national digital currency, which makes us wonder "…how big is the potential of blockchain? What are its advantages?" In fact, the continuous improvement of its functions has naturally attracted many supporters.

Some companies position themselves as blockchain-centric, claiming that they are the most secure platform for video memory. In 2014, Business Insider published an article listing the top ten most promising blockchain technology companies, all of which have made outstanding progress in the field of electronic currency, which is indeed convincing at first glance. The third place is Kraken, headquartered in San Francisco, which announced earlier this year that it would assume the bankruptcy claims of Mt. Gox, take over its accounts, and provide free trade credit to its former users. Business Insider also included Coinbase and BitPay in the ranking. Coinbase can be said to be the largest Bitcoin trading platform. Currently, the company is developing the Canadian and Singaporean markets. On the other hand, most merchants accept Bitcoin payments through the BitPay platform. Therefore, the inclusion of these two financial institutions in the BI ranking is indeed well deserved.

Now, many companies, both start-ups and established ones, are convinced of the potential of blockchain technology and are working hard to prove its application. Perhaps even the British government is exploring the application of blockchain's accounting function.

The Government Digital Service of the UK Cabinet Office revealed in a blog post that it is studying blockchain technology, which is likely to be used to help manage, standardize, and ultimately improve the government's various important record systems. However, there is no conclusion yet, and the article only points out that the country is still testing blockchain technology.

Paul Downey, a technical architect who calls himself "Burkhamsted's Willful Hacker," said: "From a technical perspective, we can use the blockchain technology protocol to copy various certificates, and we can also use the copy to prove whether the original data has been tampered with. We are exploring the use of blockchain technology to store records to keep records complete and traceable, and these are two of the parts we are exploring."

In summary, it will take some time for the official plan to be released. However, the article has clearly pointed out that blockchain technology will play an important role, and the article has also received support from the British cryptocurrency community. A spokesperson for the UK Digital Currency Association expressed support for the government's research on Bitcoin technology. He said that blockchain technology is very suitable for public record systems and there is no better technology at present. The spokesperson also said: "For developing countries, blockchain technology plays an important role in regulating ownership. For developed countries, it makes related systems more efficient and easier to access."