London Financial Sector Needs Blockchain After Brexit to ‘Stay Relevant’

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After Brexit, one of the main fears of enterprises settled in in Great Britain was losing competitiveness. At the same time that Prime Minister Theresa May is negotiating with the European Union (EU) Brexit terms, Blockchain technology keeps expanding among enterprises.

Blockchain Technology in London

London has been Europe’s historical financial centre. But Brexit is jeopardizing this position. Kay Swinburne, a member of the European Parliament for Wales said during an interview with Business Insider that London could keep relevant by embracing Blockchain technology.

London Eye

“For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging,” she said.

Different enterprises around the world are starting to use this technology in order to improve their efficiency. Blockchain technology is not only used to power cryptocurrencies but it has several other use cases.

The politician said that London could make its market a more efficient one by using Blockchain technology. Competitiveness is a very important element for countries to grow. London will lose an important benefit: The European Union free market. Blockchain could play a key role on London’s economy if the companies start to use blockchain technology.

During December, the House of Lords proposed to use Distributed Ledger Technologies for public services. Many other cities around the world are starting to use Blockchain in order to improve different public offices.

Enterprises Using Blockchain Technology

Several enterprises all over the world are using Blockchain technology to improve their services. The technology allows for different uses cases like tracking purchases, managing digital IDs, or reducing bureaucratic processes.

Banks are using also this technology in order to reduce transaction costs and times. Several cryptocurrencies are being used depending on the platform chosen by the enterprise. For Internet of Things applications, the cryptocurrency and blockchain used is IOTA. Bosch has already partnered with this cryptocurrency company to explore potential uses.

Ripple is the currency selected by banks. Ripple works in a similar way as SWIFT, the main payment processor for banks. Santander Group is one of the most important companies testing the Ripple network.

The NEO blockchain is used by different Chinese companies, including Qlink, to develop a decentralized mobile network. Litecoin is the cryptocurrency used by merchants in order to process payments. The cryptocurrency created by Charlie Lee offers fast transactions and low processing times.

Ethereum is another important blockchain mostly used by developers and enterprises. Smart contracts can be created and safely sent everywhere around the world.

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