Natalie Elphicke MP OBE and other British politicians recently took to the Metaverse to address a forum of 51 countries on the UK’s national priorities regarding blockchain and Web3 technologies. The occasion was the British Blockchain Association‘s third annual summit.
Paving the way for innovation and change
In her keynote speech in the Metaverse, Elphicke called on policymakers to “create and support opportunities for the new, for innovation and for change.” This call to action comes shortly after the establishment of the UK Parliament’s All Party Parliamentary Group (APPG) on Blockchain Technologies earlier this month. Elphicke is chair of the APPG, which aims to “explore the potential of blockchain and web3 technology for UK businesses, the public sector and the wider UK economy.” The group plans to collaborate with international companies, industry experts and academics.
The transformative potential and risks of Web3
Elphicke emphasized the paradigm-changing nature of web3, stating: “Web3 represents a paradigm shift that is reshaping the structure of the Internet.” She also noted that “physical assets are becoming tokenized, and this trend will only grow from here.” Discussing the potential of blockchain, she said: “The UK has the potential to become a Blockchain-enabled ‘smart country’ for digital government, citizens and public services. Blockchain-based systems can reduce costs and increase transparency in government and public sector processes.”
At the same time, she warned of possible risks, especially regarding regulations. “Web3 is global, so if we create and enforce laws that hinder innovation and impose unnecessary restrictions, companies will go elsewhere,” Elphicke warned.
Turning to the employment sector, Elphicke revealed some worrying statistics. “Britain is lagging behind the competition in securing blockchain-related jobs… In the first quarter of 2023, Britain was number 12 out of a total of around 90,000 jobs worldwide, and only managed to secure 2,000,” she said. Elphicke also says that the “first UK national priority is Web3 workforce planning.”
Worldwide web3
As Britain lays out its approach to Web3 and blockchain technologies, it is worth noting that it is not alone in this regard. Other countries are also actively preparing for the fast-growing Web3 era. For example, China has been developing its blockchain initiatives and Hong Kong recently rolled out its comprehensive Web3 strategy. With the rapidly evolving landscape of Web3 technologies, countries around the world must prepare their own frameworks, policies and initiatives to stay competitive and foster innovation in this crucial domain.
As Natalie Elphicke, OBE MP and her colleagues highlighted, the country wants to be at the forefront of this digital revolution, albeit with carefully considered regulations. The race is on and the stakes are high for countries striving to define their position in the new Web3 paradigm.