Yesterday, a group of eight U.K. Lords and politicians took to the metaverse to discuss how nations could better adopt blockchain technology. They were joined by 51 leaders from countries around the world, underscoring the global interest in Web3 among government officials and the hope to utilize the technology to better the lives of their constituents.
Natalie Elphicke, a member of the U.K. parliament from Dover and chair of the APPG on blockchain technologies, delivered a speech that highlighted the challenges and opportunities facing nations as they grapple with this nascent tech. In particular, she noted that “Web3 represents a paradigm shift” which will “reimagine the very fabric of the internet.”
As chair of the APPG on blockchain technologies, I was pleased that me and Avatar Natalie could join the British Blockchain Association’s Global Summit today to give a keynote speech – held in the metaverse. @Brit_blockchain @APPGBlock pic.twitter.com/hDriQA5rAv
— Natalie Elphicke MP (@NatalieElphicke) September 20, 2023
Elphicke, donned as her metaverse avatar, stated that the U.K. is falling behind its competitors in becoming a hub for blockchain technology companies. More work is needed to follow the National Blockchain Roadmap, which includes creating “quadruple helix” blockchain innovation systems, a way to audit the societal impacts of blockchain projects, and a public repository for blockchain use cases.
According to Beauhurst, a U.K. data platform company, the majority of blockchain startups in the United Kingdom are in the financial industry, with many being fintechs or challenger banks. 63% are currently in the seed funding stage, indicating how young the blockchain industry is in the country.
Elphicke said that the U.K. has the potential to become a blockchain “smart-country,” although work is needed to create more blockchain-related U.K. jobs. When looking at the technology through the lens of the global community, she noted that more cooperation is needed. Less than 12 countries have laid out blockchain roadmaps or a clear path towards the adoption of the technology.
Governments Bet on Web3
That a handful of U.K. Lords and politicians want to further blockchain adoption in the U.K. is bullish news for the Web3 space, but the United Kingdom is not the only country that has expressed interest in this nascent tech. Here are three stories involving countries preparing for Web3 adoption.
First, 10 months ago, the Crown Prince of Dubai approved the city’s metaverse strategy. The move showed the larger movement in the United Arab Emirates to build the infrastructure necessary for Web3 adoption, including the creation of metaverse jobs, building virtual hospitals, and more.
Next, 12 months ago, Japanese Prime Minister Fumio Kishida delivered a speech, saying that the country was investing in a variety of Web3 technologies. He said that the government was already using NFTs to help local authorities find solutions to their problems and that it would be expanding its Web3 services soon.
Lastly, a year and a half ago, South Korea’s Ministry of ICT, Science, and Future Planning pledged $186.7 million to create a metaverse ecosystem in the country. The ecosystem will support the growth of NFTs and digital content within South Korea, another bullish sign for the Web3 industry.
Although prices have fallen considerably in the Web3 space, these stories show that many entities are still enthusiastic about the technology. Rarity Sniper has reached out to Mrs. Elphicke for comment and will update this article if she responds.