Chair of the Ubiquitech Group, Dr. Ruth Wandhöfer, has published a report that provides practical recommendations for enhancing a digital economy focused on trust, sustainable infrastructure, secure data transmission, and the promotion of digital inclusion and education.
The report, titled ‘From Fintech to Ubiquitech: Accelerating the Wider UK Digital Economy’, advocates for cross-industry collaboration to address the needs of the UK’s upcoming generation with the implementation of ubiquitous technology, also known as Ubiquitech.
Dr. Wandhöfer notes that, while the open banking sector has seen progress since the Kalifa Review, the industry is on the verge of a transformation with Smart Data that could enhance innovation in fields like healthcare and agriculture.
As emerging technologies gain universal adoption, her working group emphasizes the necessity of prioritizing the digital economy to ensure the UK remains competitive with countries that have advanced digital agendas, warning that failure to do so may negatively affect the quality of life for UK citizens.
Key highlights of the report include the identification of essential drivers for a paradigm shift, such as the move towards digital human interaction, the competitive challenges posed by complacency, and the vital importance of sustainability.
The report emphasizes the pressing need for recent and upcoming legislation to support a digital future and calls for improved security measures in light of rising fraud and cybercrime. It also notes that the advent of Web3 and decentralization demands a fundamental reform of existing digital operating models.
Furthermore, it critiques the inadequacy of current paper-based systems, advocating for a radical transition to real-time identity verification and authentication in the digital realm.
To facilitate this new approach to data management and utilization, the report outlines five key pillars:
-
Cyber Security and Fraud Controls: Establishing trust in the digital environment is crucial and should be a primary concern for the government.
-
Network, Systems, and Processes: Achieving ubiquitous network coverage and connectivity is essential for the success of Ubiquitech technologies.
-
Verification and Authentication of Users, Entities, and Assets: A trust framework hinges on the ability to accurately identify parties involved and ensuring accountability when errors occur.
-
Digital Skills Education and Inclusion: For the Digital Economy to thrive, all segments of society must be knowledgeable and able to take advantage of its benefits.
- Digitising International Trade Systems: Beyond the Digital Economy, reforms are needed to digitize and optimize the movement of physical goods, enhancing both financial systems and supply chains.
Lord Mayor of London, Alderman Professor Michael Mainelli, stated, "If flows of data are the lifeblood of our economy, standards are its beating heart.” He added that the report serves as a timely intervention, outlining necessary steps to fully harness digital innovation, which could yield benefits totaling up to £4.8 billion for businesses and consumers by 2030.
Dr. Wandhöfer concluded by stating: "Ubiquitech presents a key opportunity for the UK to position itself as a Global Trust Hub and Centre of Excellence in Innovation. We must act swiftly to capitalize on this moment."