Members of the UK House of Lords have introduced legislation aimed at eliminating the need for paper business documents, increasing the possibility of using blockchain technology to track records.
In an announcement made on October 12, Michelle Donelan MP and the UK Department for Digital, Culture, Media and Sport said the Electronic Business Documents Bill had been tabled in Parliament. The legislation proposed to eliminate “unnecessary paperwork and bureaucracy” by making digital documentation legally recognized for commerce.
“Electronic business documents also increase security and compliance by facilitating traceability of records, for example through the use of blockchain and distributed ledger technology”the government said, citing the World Economic Forum. “International trade still relies heavily on a special category of commercial document that depends on being physically possessed by one person, and transferred to another person.”
Thank you for your support on the Bill @michelledonelan It is a stellar piece of work by DCMS and a game changing piece of legislation. There is a huge international following from all corners of the globe watching very closely! @DamianCollins @iccwboUK @iccwbo https://t.co/ig1UR2XT63
— Chris Southworth (@chrisouthworth) October 13, 2022
Thank you for your support of the bill @michelledonelan It’s stellar work by DCMS and a game changing piece of legislation. There is a large number of international fans from all corners of the world who follow us very closely.
According to Donelan and the digital department, the bill would reduce documentation-related carbon emissions by at least 10% and decrease processing time: the UK has some 28.5bn paper business documents every day. If approved, The legislation would allow companies to provide electronic versions of documents such as promissory notes, warehouse receipts, cargo insurance certificates and ship delivery orders.
The Lord Privy Seal of the UK House of Lords introduced the bill, which was ironically “printed” after the first reading.
Under Prime Minister Liz Truss, the UK government’s plans for the economy appear uncertain, following a now-scrapped tax cut plan that sent the value of the pound tumbling down.. The prime minister, who took office from her in September, before Queen Elizabeth II’s death, has previously said that the UK “should welcome crypto in a way that does not limit its potential.”
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