British Politicians Address Global Leaders in Metaverse on Web3 and Blockchain Vision

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.