Beijing is using blockchain to build a new internet and many developing countries are likely to sign up – but at what cost?

Cyberspace is one huge, unregulated mess. A virtual wild west where sophisticated criminal gangs ply their trade alongside multinational companies, spy agencies, activists, celebrity influencers – and nation states. The question of who governs it is one of the biggest of our time.

Britain needs to be, if not quite ruling the waves, at least a global force for good in the expanding virtual world. The issue has never been so pressing. Six years ago, I acted for a coder in the biggest cyberfraud phishing case in the UK. The malware my client and others created was so sophisticated that the police could not decode it but were able to show it was used for fraud. The financial data harvested was stored on two servers, one in France and one in the US, and the lack of international cooperation meant law enforcement never got their hands on it.