In a show of its seriousness around all things related to Web3 and blockchain, UK politicians put in a public Metaverse appearance in a bid to set out the country’s priorities around the new technologies.
A group of UK lawmakers including Natalie Elphicke, a member of Parliament for the Dover Constituency, appeared in the Metaverse on 20 September, while Lord Holmes of Richmond addressed the forum which included participation from 51 nations.
Elphicke, who chairs the UK Parliament’s new All-Party Parliamentary Group for blockchain technologies, said that the UK has the potential to become a blockchain-enabled “smart country”.
The UK Parliament’s new All-Party Parliamentary Group for blockchain technologies was launched on 13 September to explore the potential of blockchain and Web3 technology for UK businesses.
Its formation is part of the country’s broader plans to become a crypto and blockchain hub. In April 2022, the government set out a plan to take a lead in crypto technology and investments. In the spring budget released in March, the government said that it is planning to take a “lead on the future of web technology”, sometimes known as Web3 or the Metaverse.
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“Blockchain-based systems can reduce costs and increase transparency in government and public sector processes. Self-executing algorithms can streamline interoperability, and increase trust and efficiency in online civil systems,” Elphicke said.
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While highlighting the potential of Web3, a world characterised by open-source and interconnected decentralised applications powered by blockchain technology, she also noted the UK is currently “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 said, noting that skills needed for the Web3 world included lawyers, and ethics advisers, in addition to technical skillsets.
“Web3 represents a paradigm shift that reimagines the very fabric of the internet. It is unquestionable that our world is being tokenised,” Elphicke said.
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