Members of the United Kingdom’s House of Lords have introduced legislation aimed at eliminating the need for paper trade documents, increasing the likelihood of using blockchain technology to trace records.
In an Oct. 12 announcement, MP Michelle Donelan and the U.K. Department for Digital, Culture, Media and Sport said the Electronic Trade Documents Bill had been introduced in Parliament. The legislation proposed removing “needless paperwork and bureaucracy” by making digital documentation legally recognized for trade.
“Electronic trade documents also increase security and compliance by making it easier to trace records — for instance, through the use of blockchain and distributed ledger technology,” said the government, citing the World Economic Forum. “International trade still relies to a large extent on a special category of trade document which is dependent on being physically possessed by a person, and transferred over to another person.”
Thank you for your support on the...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...