Tech firm Finboot has called on the UK Government to urgently re-think its blockchain strategy in the wake of China’s National Blockchain Research Centre, coming online and an answer to a written Parliamentary Question revealing worrying timidity. 

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Launched in May in Beijing, China’s National Blockchain Centre is focusing on the industrialisation of blockchain technology.  This is a game changer.  China understands, what the tech industry has known for some time, that blockchain is the killer app for capital intensive industries get to net zero.  Blockchain highlights emission pinch points across the whole supply chain and shows traceability at each stage too.  In opening this National Blockchain Centre China is signalling it intends to dominate this software industry as it essentially dominates the silicon chip manufacturing industry on the hardware side. 

The UK’s strategy meanwhile, as revealed in a written answer to a question from Rt Hon Kevan Jones MP is rather weak and timid in comparison: “Blockchain technologies… still need to demonstrate that they could offer advantages over technology using centralised ledgers in specific applications related to decarbonisation.”  

Nish Kotecha, chair and co-Founder, Finboot tech, a blockchain provider, said: “The UK needs re-think its wider blockchain strategy, and quickly, or there is a real risk that China will steal a march on the UK and indeed the world.

“China gets that blockchain has applications beyond crypto in terms of helping heavy industry decarbonise and get to net-zero quickly and so is seeking to embed it across its economy and trading systems.

“Whereas the UK is dithering.  If Global Britain is to mean anything we need to have the gold standard in terms of trade systems vis-a-vis visibility, traceability and transparency. Blockchain is that gold standard for data management across federated stakeholders such as supply chains.

“If the UK does act and enables blockchain across the economy then UK can lead the world in terms of global trading standards and help the world decarbonise at the same time.  Let’s grasp the opportunity blockchain provides”.

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