UK government introduces bill to digitize business documents, which can be tracked using blockchain
Members of the British House of Lords have introduced legislation that aims to eliminate the need for paper business documents, increasing the possibility of using blockchain technology to track records.
In an October 12 announcement, Michelle Donelan MP and the UK Department of Digital, Culture, Media and Sport said the Electronic Business Documents Bill had been introduced in Parliament. The law proposes eliminating “unnecessary paperwork and bureaucracy” by making digital documentation legally recognized for commerce.
“Electronic business documents also improve security and compliance by facilitating traceability of records, for example through the use of blockchain technology and distributed ledgers,” the government said, citing the World Economic Forum. “International trade still relies heavily on a special category of commercial documents that depend on being physically owned by one person, and transferred to another.”
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