By implementing blockchain-savvy developments, the United Kingdom is actively setting an example for the rest of the globe. The British government has just approved the Electronics Trade Papers Bill, which would digitise documents utilizing blockchain technology.
The Electronic Trade Documentation Act is characterized as a bill that eliminates the need for paper-based trade documents. The measure was enacted by the House of Lords on October 13 and aims to stimulate economic development in the area by promoting paperless commerce.
The Bill would legalize digital paperwork, eliminate administrative expenses, and facilitate foreign trade for British companies.
The law also sets a legitimate focus on carbon emissions and how the production of paper for documents has significantly increased the region’s total carbon footprint.
The measure also intends to cut the estimated 28.5 billion trade papers that are printed and flown across the globe annually, in addition to assisting the nation in reducing its total carbon emissions by about 10%.
“According to the Digital Container Shipping Association, if 50 percent of the container shipping sector implemented electronic bills of lading, worldwide annual savings would total around £3.6 billion ($4 billion). The International Chamber of Commerce expects a 13 percent growth in international commerce for small and medium enterprises if a trade is digital.” The measure subsequently adds.
The measure also places an emphasis on the security and confidentiality of digital documents. According to the official statement, blockchain and distributed ledger technologies make it much simpler to trace electronic documents, which will aid the government in securing data for the future.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.