UK gov't introduces bill to digitize trade documents — potentially traced using blockchain

The Lord Privy Seal of the U.K.’s House of Lords introduced the bill, which, ironically, was “ordered to be printed” following the first reading on Oct. 12.

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UK gov't introduces bill to digitize trade documents — potentially traced using blockchain

Members of the United Kingdom’s House of Lords have introduced legislation aimed at eliminating the need for paper trade documents, increasing the likelihood of using blockchain technology to trace records.

In an Oct. 12 announcement, MP Michelle Donelan and the U.K. Department for Digital, Culture, Media and Sport said the Electronic Trade Documents Bill had been introduced in Parliament. The legislation proposed removing “needless paperwork and bureaucracy” by making digital documentation legally recognized for trade.

“Electronic trade documents also increase security and compliance by making it easier to trace records — for instance, through the use of blockchain and distributed ledger technology,” said the government, citing the World Economic Forum. “International trade still relies to a large exte