IBM Advisor: Blockchain Will Kill the UK’s Financial Services Industry

The success of peer-to-peer cryptocurrencies and blockchain technology could spell the end of the UK’s financial services sector, potentially dealing a death blow to the National Health Service at the same time—according to John Straw, an expert on digital disruption.

According to a report prepared by PwC for UK Finance, the total tax contribution of the UK banking sector in 2018 was around £36.7 billion. Expanding this to the UK’s entire financial services sector, this figure climbs to around £75 billion for the tax year 2017-2018, according to PwC research as reported by the City of London Corporation.

The Future of Financial Services?

This £75 billion represents just under 60% of the £130 billion budget for the Department of Health and Social Care the same year and 12.6% of the HMRC tax receipts in 2018. Because of this, Straw warns that if the UK’s thriving financial services industry collapses, it could bring the UK’s NHS with it. Read More...

Will Blockchain overthrow and revolutionise the UK Financial Industry

#IBM #Blockchain #UK

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