Members of the British House of Lords have introduced a bill that aims to reduce the bureaucracy involved in trading. This makes it more likely that blockchain technology will be used to track records.
In an announcement on October 12, MP Michelle Donelan and the UK Department for Digital, Culture, Media and Sport said the Electronic Business Documents Bill was about to enter Parliament. brought become. The proposal aims to eliminate “unnecessary paperwork and bureaucracy” by legally recognizing digital documents for commerce.
“Electronic business documents also increase security and compliance by making it easier to track records, for example through the use of blockchain and distributed ledger technology,” the government said, citing the World Economic Forum. “International trade still largely uses a special category of trade documents where one person physically owns them and transfers them to another person.”
Thank you for your support on the bill. @michelledonelan It is stellar work by DCMS and game-changing legislation. There is a huge number of international fans from all corners of the world watching very closely! @DamianCollins @iccwboUK @iccwbo https://t.co/ig1UR2XT63
—Chris Southworth (@chrisouthworth) October 13, 2022
According to Donelan, the bill would reduce carbon emissions related to documentation by at least 10 percent and reduce processing time. Around 28.5 billion paper business documents are created in the UK every day. If the law passes, companies could provide electronic versions of documents such as promissory notes, certificates of deposit, cargo insurance certificates and ship delivery orders.
The British House of Lords He brought the bill, which ironically had to be printed in order after the first reading.
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