The house of parliament in the United Kingdom has been presented with a showcase featuring demonstrations of real-world blockchain applications designed to enlighten and educated policymakers.

The event which took place on Monday was organised by the All-Party Parliamentary Group on Blockchain (APPG Blockchain) and featured live presentations from four firms working within the blockchain industry. These were IOTA, Oracle, Everledger and Lloyd’s of London. Audience members included members of parliament, government officials as well as industry leaders as per a statement released by the organisers.

The live demonstrations showcased the potential of blockchain technology in real-life scenarios in supply chains for olive oil and diamonds presented by Oracle and Everledger respectively as well international trade (IOTA) and lastly insurance claims and transactions settlements by Lloyd’s of London.

Blockchain research and project manager at Big Innovation Centre, Fernando Santiago, suggested that the event could mark an important milestone for the future of blockchain technology in the UK, stating:

“This is a pivotal moment for UK, which could define our future leadership in governance, commerce and competition.”

Leading up to the event, the group launched the Online Blockchain Showcase which featured videos of ten different companies working in the industry.

Furthermore, the ten firms also had their chance to shine during the live showcase by participating in a “One-Minute Challenge” where each firm made proposals on how the government could drive the use of blockchain in the healthcare, education, finance and other industries.

As per the statement from the organisers, the event was inspired by the results of an analysis of the blockchain industry in the UK back in 2018 which was presented by APPG Blockchain on their website along with other organisations who were involved.

APPG Blockchain was created by cross-party members in parliament to ensure that the UK plays a “key role” in the potential opportunities that blockchain technology could provide for the nation’s society, governance, provision of public services and of course the economy.