Natalie Elphicke MP OBE and different UK politicians lately took to the Metaverse to deal with a discussion board of 51 nations about the UK’s nationwide priorities relating to blockchain and Web3 applied sciences. The event was the British Blockchain Affiliation‘s third annual summit.
Setting the Stage for Innovation and Change
In her keynote speech in the Metaverse, Elphicke called on policymakers to “create and support opportunities for the new, for innovation, and for change.” This call to action comes shortly after the initiation of the UK Parliament’s All Celebration Parliamentary Group (APPG) for Blockchain Applied sciences earlier this month. Elphicke chairs the APPG, which seeks to “explore the potential of blockchain and web3 technology for UK businesses, the public sector and the wider UK economy.” The group plans to interact with international corporations, business specialists, and lecturers.
The Transformative Potential and Dangers of Web3
Elphicke emphasised the paradigm-shifting nature of web3, stating, “Web3 represents a paradigm shift that reimagines the very fabric of the internet.” She additionally famous that “the physical assets are getting tokenized, and this trend will only grow from here.” Whereas discussing the potential of blockchain, she mentioned, “The UK has the potential to become a Blockchain-enabled ‘Smart Country’ for Digital Government, Citizens, and Public Services. Blockchain-based systems can reduce costs and increase transparency in government and public sector processes.”
On the similar time, she issued a warning about potential dangers, significantly relating to regulation. “Web3 is global, so if we make and apply laws that stifle innovation and put unnecessary restrictions in place, businesses will go elsewhere,” warned Elphicke.
Turning to the employment sector, Elphicke revealed some regarding statistics. “Britain is lagging competitors in securing blockchain related jobs…In the first quarter of 2023, out of a total of around 90,000 jobs globally, the UK ranked at number 12, securing only 2,000 of these,” she mentioned. Elphicke additionally says the “first UK national priority is Web3 workforce planning.”
Worldwide Web3
Because the UK outlines its strategy to Web3 and blockchain applied sciences, it’s value noting that it’s not alone on this entrance. Different nations are additionally actively making ready for the burgeoning Web3 period. For instance, China has been growing its blockchain initiatives, and Hong Kong lately rolled out its complete Web3 technique. With the quickly evolving panorama of Web3 applied sciences, nations worldwide want to arrange their very own frameworks, insurance policies, and initiatives to stay aggressive and foster innovation on this pivotal area.
As Natalie Elphicke, MP OBE and her colleagues emphasised, the nation goals to be on the forefront of this digital revolution, albeit with rigorously thought of rules. The race is on, and the stakes are excessive for nations striving to outline their place within the new web3 paradigm.
