Blockchain may bring great improvements for the European industry – from start-ups to large corporates, administrations and citizens. It can enable the provision of more efficient services and the emergence of new ones.
Blockchain is an opportunity for Europe and its Member States to re-think information systems, promote user trust and the protection of personal data. This will create new business opportunities and can establish new areas of leadership for digital applications that benefit citizens, public services and companies.
And Europe is incredibly well placed to take a global leadership position in the development of new trusted services and applications based on blockchain and distributed ledger technologies. The FinTech sector is a good example, with Europe hosting a wealth of challenger Fintech hotspots and hubs.
The public sector in Europe is also very actively engaged in blockchain and DLT innovation, with many initiatives emerging across Europe:
- From enhancing supply chain and customs’ clearance processes in our ports
- To helping preserve the integrity of our democratic processes through secure “Vote counting” systems in local elections
- Or helping manage energy consumption and production
On 10 April 2018, 23 European countries agreed through a joint declaration to form the European Blockchain Partnership and to cooperate in the establishment of a trusted European Blockchain Services Infrastructure. Other Member States have joined since and they are now 26 plus Norway. Malta is one of the 26 EU countries that have so far joined this initiative and representatives from these countries are already working together in a spirit of real EU cooperation to develop this European Blockchain Services Infrastructure.
Together, the European Blockchain Partnership is developing a governance model to ensure that this infrastructure will be governed in a transparent multi-stakeholder format. Where public authorities, industry and civil society can all play a role in the future development of blockchain technology and blockchain-enabled digital services.
The European Commission has already invested more than €80 million in projects supporting the use of blockchain in technical and societal areas. Up to €300 million could be further invested through different Union instruments, to ensure that Europe will maintain a global lead in innovation.
Blockchain may not be the panacea that will resolve all challenges. But it is an opportunity that we cannot overlook. An opportunity for EU businesses to lead in new trusted business models, for public services to deliver better, more innovative trusted services to our citizens. Blockchain is above all an opportunity for Europe to lead. But to lead in accordance with legal principles and European values.
Meet and share your experience with professionals engaged in harnessing the potential of Blockchain for international development at the first Blockchain for Development Forum to unfold in Southeastern Europe. The event is scheduled for November 7th, 2018, and is due to take place at Hotel Opera Plaza, in Cluj, Romania.
Original source: European Commission
Published on 4 October 2018
