A group of British politicians and Lords gathered in a groundbreaking virtual event on September 20th to discuss the future of the blockchain and Web3 industries in the United Kingdom. The conference, which was attended by leaders from 51 nations, highlighted both the potential and challenges that come with the rapid growth of Web3 technology.
Political figures embrace the virtual world
Prominent British politicians, including Natalie Elphicke, a member of parliament and chair of the newly formed All Party Parliamentary Group (APPG) for Blockchain Technologies, participated in the conference through avatars, emphasizing the importance of Web3 technology in reshaping the internet landscape.
In her keynote address, Elphicke emphasized that Web3 represents a significant shift in the internet’s fundamental structure. She pointed out that the United Kingdom has the opportunity to become a blockchain-enabled “smart country,” but acknowledged that it currently lags behind competitors in securing blockchain-related jobs.
Elphicke highlighted the growth of the Web3 industry and the need for workforce planning in the UK. She stressed the importance of making the UK an attractive hub for Web3 founders, developers, programmers, and companies to foster innovation and economic growth.
Global collaboration and strategic plans
Elphicke called for greater collaboration between nations and the development of national blockchain roadmaps. She noted that only a few countries have published such roadmaps, emphasizing the need for a coordinated approach to harnessing the potential of blockchain technology.
Referring to the National Blockchain Roadmap published in 2021, Elphicke discussed the ambition to create a blockchain-based “digital nation.” This roadmap envisions the application of blockchain technology in various sectors, including climate mitigation efforts, industrial symbiosis networks, and digital identity programs, showcasing the UK’s commitment to technological innovation.
Addressing challenges in decentralized finance
Elphicke also discussed the challenges and opportunities presented by decentralized finance (DeFi). She emphasized the importance of transparency, audibility, and accountability within these ecosystems, recognizing the unique regulatory and policy considerations they present.
Highlighting the trend of asset tokenization, Elphicke emphasized that our world is becoming increasingly tokenized. She noted that physical assets are already being tokenized and predicted that this trend will continue to grow.
Interestingly, just one day before the metaverse conference, the UK parliament passed an online safety bill aimed at regulating certain internet services, including activities within the metaverse. This development highlights the government’s commitment to ensuring safety and security online, even as they explore and promote emerging technologies like Web3.
