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Blockchain Makes Big Strides As Seven EU Nations Join Together For Economic Transformation

By December 5, 2018 No Comments

This article was originally published here.


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Blockchain Technology Makes Big Strides As Seven EU Nations Join Together For Economic Transformation

Blockchain technology has clear and necessary qualities that the entire world and its industries stand to benefit from. In an effort meant to increase the use cases for it, seven EU member nations have decided to collaborate in a declaration that was signed on December 4th in Brussels, Belgium. Their work will ultimately benefit government services, while also improving the economies of those participating countries.

The joint effort includes France, Italy, Spain, Malta, Cyprus, Portugal, and Spain, and they’ll be using blockchain in multiple industries at once. Ultimately, they want to find ways that blockchain can be used for mobility, shipping, company registry, healthcare, education, transport, and more to “transform” the local economy for each EU member. Eventually, with more work, the group hopes to establish themselves as “a leading region in this sector.”

Using blockchain for government services could greatly change the way that it functions. Ultimately, the result is “accountability and privacy for the end users.”

In the declaration, the group explains,

“This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.”

Continuing on the note of future regulation in the economy, the document also said,

“We believe that any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality. It should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop use cases.”

The parliamentary secretary for digital economy, financial services, and innovation in Malta, Silvio Schembri, commented on Twitter that he’s “proud” of the “leading role” that Malta is having in blockchain here. The country has already been working hard to cement its place as the self-titled “Blockchain Island.” The country passed three crypto and blockchain bills in June, which have helped them to continue to attract related exchanges and businesses to come to their country.

So far, the EU has not made the efforts to establish regulatory measures for blockchain technology. However, they have created several initiatives that will help them learn more about the technology and test it out for their use. One of the most recent developments happened at the end of last month, the European Commission established and launched a new blockchain association. The association presently includes five major banks that will be working on the regulations in the blockchain industry.

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