The House of Lords, the upper house of the U.K. parliament, has published a report stating that government of the UK should take a leading role in the practical testing and application of distributed ledger technologies (DLT) across the public and private sectors in the service of the UK, its businesses and its citizens.
Our working hypothesis is that DLT can play a valuable part in enhancing the delivery of government services to the citizens of the U.K., in securing the U.K.'s competitive position as a global leader in technology‐based innovation and in protecting the security of government and citizens; data at a time when both are increasingly under threat.
Lord Christopher Holmes
According to the report, DLT could have possible applications across sectors including customs and immigration, national security and public safety, healthcare, cybersecurity and more.
Government assumes that the use of DLT could improve the relationship between the government and citizens through its decentralized trust mechanisms. However, the report argues that the technology is still "immature", stressing the risks from initial coin offerings (ICOs).