UK Passes Bill That Could see Trade Documents Stored Using Blockchain

The U.K. government has passed a bill that could see it adopt blockchain technology as a solution to store documents.

A press release published by the government outlines its intention to move "paperless" when dealing with official documents.

The Electronic Trade Documents Bill, which was approved in the House of Lords on Wednesday, will make electronic documentation legally recognized, a move that will cut carbon emissions by at least 10%.

The decision furthers the U.K.'s goal to become a crypto and blockchain hub following endorsement from several members of parliament and most recently Richard Fuller, Economic Secretary to the Treasury.

Electronic documents will also increase security by being easier to trace, something that could be achieved through the use of blockchain and distributed ledger technology, the release said.

"The UK was central to establishing the international trade system in the nineteenth century and we are once again leading the world to boost global trade in the twenty-first century," said U.K. Digital Secretary Michelle Donelan.