The United Kingdom is trying to set a global precedent by adopting different blockchain-based innovations. The UK authorities have recently approved the new Electronic Commerce Documents Act, which is specifically designed to achieve the digitalisation of official documents using blockchain technology.
The Electronic Business Documents Bill is a proposal to end the need for paper business documents. The project was approved by the government on October 13 and will serve to boost the growth of the UK economy by extending the ideal of paperless trade in the region.
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The official press release explaining this fact stated that documents digitised using blockchain technology will now be recognised as legal documents and will help British companies reduce their costs and expenses.
In addition, this bill places special emphasis on reducing carbon emissions and reducing the use of paper for documents, thereby reducing the overall carbon footprint in the region. This bill also aims to reduce the average number of business documents printed (about 28500), thereby reducing the country's overall carbon emissions metrics by almost ten percent.
In addition, this project also seeks to improve the privacy and security of digital documents, since electronic documents are easier to track thanks to blockchain technology and distributed accounting, which will allow governments to track records for future safekeeping.
Alluding to this, the UK Digital Secretary stated that its digital-first plans will “make it easier for UK businesses to buy and sell across the world, driving growth and boosting the economy, cutting carbon and increasing productivity.” Furthermore, the press release concludes that the UK government will digitise commercially important documents including bills of exchange, promissory notes, delivery orders, receipts, policies and certificates.