Mattereum Welcomes the Arrival of A16Z in the UK
As one of the longest established blockchain companies in the UK, Mattereum feels very positive about Rishi Sunak’s announcement of the imminent opening of A16Z’s first international office here in the UK.
In the six years of our existence, Mattereum has seen crypto booms and crypto winters (2022, 2018) and we entirely agree with Prime Minister Sunak’s belief that the UK’s future success as a Web3 superpower is founded on creating an environment where the right regulations and guardrails are in place to protect consumers and foster innovation.
As we cement the UK’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy.
“That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there’s still work to do, I’m determined to unlock opportunities for this technology and turn the UK into the world’s Web3 centre.
UK Prime Minister, Rt Honorable Rishi Sunak
Mattereum has long realised that the “wild west” atmosphere that formerly characterised the Web3 space does not create a sustainable long-term business environment, and that the future of the blockchain lies in it becoming a sober, regulated, practical space that provides real opportunities for business growth. For this to happen, investment is needed, and A16Z’s vote of confidence in the UK’s approach to Web3 shows that important investors agree and want to support innovators in what is fast becoming the world’s most effective location to do Web3 business.
As part of our commitment to creating the environment where this is possible, Mattereum has worked closely with the UK Jurisdiction Taskforce (UKJT) to develop the Digital Dispute Resolution Rules (DDRR) that allow rapid resolution of blockchain and crypto legal disputes within the UK jurisdiction.
The theory is to dispel the myth that blockchain is a fringe technology used only by those wanting to risk their livelihoods or possibly make their fortunes on volatile cryptoassets like Bitcoin.
The blockchain is now at a stage in its development equivalent to where the internet was in or around 1995. The internet was unstoppable in 1995 and blockchain technology is unstoppable now. It will become ubiquitous in all major industrial and financial sectors, simply because it allows for the immutable recording of data, thereby reducing friction in commercial and consumer transactions and obliterating the scope for dispute as to what has occurred.
Mattereum has also gone on to be the first company to fully incorporate the DDRR into our business model. Indeed, Mattereum’s whole business model is based on the provision of appropriate guardrails; our Mattereum Asset Passports (MAP) are a unique innovation that provides a legally binding connection between a physical object and the blockchain, enforceable in 172 jurisdictions worldwide.
This facilitates safe high-value e-commerce on the blockchain and allows AIs to interface with physical objects by providing means to determine that they are not digital fakes. It is clear that putting physical assets on chain is the next growth area for the blockchain and MAPs are already established and working as a technology to keep assets safe and to protect both businesses and consumers from fraud and manipulation. This helps lay the foundations for a future where the blockchain is a trusted technology operating within established regulations and guardrails.
The decision by A16Z to locate their first international office here is clear evidence that the UK’s approach to innovation and legislation is working. We welcome the Prime Minister’s commitment to making the UK a responsible Web3-friendly business environment and look forward to seeing a further flowering of innovation enabled by investment from Andreessen Horowitz.
If you are working on a project that you think could enhance or be enhanced by the Mattereum system get in touch with us via contact@mattereum.com
