In the U.K., some businesses are looking to use the UBS blockchain as a way to comply with U.N. rules on data privacy.
The European Union is also considering using the blockchain for the same reason, Reuters reports.
The U.KS. government is currently studying the technology for its new regulations on data, but some industry leaders are already considering the technology as a potential replacement for the centralized digital records used by the public.
“If you don’t have a centralized record-keeping system, the government cannot monitor and control what you do with your data,” UBS Group chief executive Peter Breyer told Bloomberg TV on Tuesday.
“If we don’t go ahead and use blockchain for data, you’re going to have a lot of problems in the future.”
The U.R.N.’s Data Privacy Shield is a voluntary agreement that allows countries to implement rules to protect citizens’ privacy rights.
It will come into force in 2019, but UBS, a U.A.E.-based bank, has a contract to run it for 20 years.
That means the bank is already using the platform to protect customers from hackers and other malicious actors.
The company is also offering other services that would be difficult or impossible to run on a traditional system, like the UBER blockchain.