The European Union has always shown a certain degree of optimism towards the blockchain technology, and as of now has worked hard about that. The Schengen Countries have invested over 83 millions euro in projects connected to the blockchain and founded the #Blockchain4EU initiative.
Let’s take a look at how the European Union is proceeding to make Europe the leader in the DLT market
On April 10th 2018, twenty one member States of the European Union, plus Norway, have signed a joint statement creating the European Blockchain Partnership (EBP), a project whose aim is to support the implementation of public digital, cross-country projects based upon the highest safety and privacy standards. From that moment, other Countries joined this Partnership, that now has 26 signers.
Read also the article on gaming and blockchain.
How does the European Union support the blockchain technology?
The blockchain technology, based upon public digital records filled by the users themselves, represents without a doubt the future of money and commercial exchanges: the member States of the European Union have for sure not stood by watching, and since some time they are moving to create public policies that would support the development of the blockchain and of the others DLT technologies (Distributed Ledger Technology) connected to it.
The European Union as lead actor in the digital transformation
The Greek member of Parliament Eva Kaili (that is also carrying out the works of the Science and Technology Options Assessment panel of the European Parliament) has worked with a resolution that was later adopted by the Parliament on May 16th of this year, where it was requested an innovative, progressive regulation, open towards the blockchain and the DLT. One of the strongest points of the resolution focuses on the disruptive potential that these new technologies could have on various market sectors. Not only the financial one, but also on the energy sector, health and on the public sector.
According to the parliament member, the European Union shall play a leading role in cultivating this new technology. It becoming a lead actor of the digital transformation. The EU therefore hopes for the creation of an open minded regulation, that would be able to classify bitcoin, crypto currencies and DLT. It will be a legal framework that would not suppress their nature.
For this reason, according to Kaili, the main objective of this regulation should not be technology. But the uses that can be done of it and the way how various market sectors would decide to integrate them in their business models. This ultimate aim must remain to protect consumers and investors.
The #Blockchain4EU project
The #Blockchain4EU project has the objective to study the existing applications. The emerging ones or those that are being processed – that are based upon the blockchain and on other DLT technologies dedicated to the key sectors of PMI: supply chain, intellectual property, certification.
Starting from the assumption that the blockchain technology and the crypto currencies already represent the future of the financial sector, #Blockchain4EU aims to study the conditions to use a similar system also in the industrial context. According to a research of the European Commission, the blockchain could help various corporate areas to improve their transparency, their production effectiveness and communication, at the same time contrasting frauds and counterfeits.
The creation of a lawful and funding base in favour of small and medium sized enterprises are also part of #Blockchain4EU.
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