In a landmark virtual gathering on September 20th, a group of British politicians and Lords took to the metaverse to share their vision for the United Kingdom’s blockchain and Web3 industries. The event, attended by global leaders from 51 nations, highlighted both the potential and challenges presented by the rapid growth of Web3 technology.
Political leaders embrace the metaverse
Eight prominent British politicians, including Natalie Elphicke, a member of parliament and chair of the newly formed All Party Parliamentary Group (APPG) for Blockchain Technologies, participated in the metaverse conference. Each politician presented their thoughts and ideas through unique avatars, emphasizing the significance of Web3 technology in reshaping the internet landscape.
Natalie Elphicke, in her keynote address, emphasized that Web3 represents a profound paradigm shift that has the potential to reimagine the fundamental structure of the Internet itself. She pointed out that the United Kingdom has the opportunity to become a blockchain-enabled “smart country” but acknowledged that it is currently “lagging behind competitors” in terms of securing blockchain-related jobs.
One of the primary priorities highlighted by Elphicke is the growth of the Web3 industry and workforce planning in the UK. She stressed the importance of making the UK an attractive hub for Web3 founders, developers, programmers, and companies, thus fostering innovation and economic growth.
Global collaboration and roadmaps
Elphicke called for greater collaboration between nations and the development of national blockchain roadmaps. She noted that fewer than 12 countries have published such roadmaps, highlighting the need for a more coordinated approach to harnessing the potential of blockchain technology.
Referencing the National Blockchain Roadmap published in 2021, Elphicke discussed the ambition to create a blockchain-based “digital nation.” This roadmap envisions the application of blockchain technology in various sectors, including climate mitigation efforts, industrial symbiosis networks, and digital identity programs, reflecting the UK’s commitment to technological innovation.
Addressing DeFi challenges
Elphicke also touched upon the challenges and opportunities presented by decentralized finance (DeFi). She emphasized the importance of ensuring transparency, audibility, and accountability within these ecosystems, recognizing the unique regulatory and policy considerations they pose.
Highlighting the ongoing trend of asset tokenization, Elphicke underscored the inevitability of our world becoming increasingly tokenized. She noted that physical assets are already being tokenized and predicted that this trend will continue to expand.
Interestingly, just one day before this metaverse conference, the UK parliament passed an online safety bill aimed at regulating certain internet services, including activities within the metaverse. This development underscores the government’s commitment to ensuring safety and security in online spaces, even as they explore and promote emerging technologies like Web3.
