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Seven EU nations have come together to promote the use of blockchain in government departments and throughout society.
Southern European states – France, Italy, Spain, Malta, Cyprus, Portugal and Spain – signed a joint declaration on Tuesday to promote the adoption of blockchains in the region in order to "transform" their economies. They are also committed to collaborating in the development of technology to become "a leading region in this sector".
The declaration was signed in Brussels, Belgium, on 4 December.
Blockchain can be a "turning point" to increase the efficiency and transparency of government services, education, and health care for transport and customs, the group said in the document. It can further improve services for citizens, bringing "responsibility and privacy for end users".
"This can include not only improving e-government services, but also greater transparency and lower administrative burdens, better customs collection and better access to public information," said the statement.
Further tackles the future regulation in the economic bloc, saying:
"We believe that any legislation on distribution accounting technologies should take into account the decentralized nature of this technology and should be based on European fundamental principles and technological neutrality, and should also allow for innovation and experimentation so that the public and private sectors can better understand derivative accounting technologies and develop usage scenarios "
Silvio Schembri, Malta's parliamentary secretary for the digital economy, financial services and innovation, tweeted Tuesday, claiming to be "proud" of seeing Malta, the smallest nation of the EU, taking a "leading role" in blockchain cooperation.
Malta has already taken several initiatives to become an island of the same name "Blockchain Island". In June, the national parliament past three cryptocurrencies and blockchain related invoices, and since then have attracted considerable cryptographic exploits to open a store.
While the EU has not yet moved to regulate blockchain technology across the region, it has launched initiatives to investigate and test the technology.
More recently, at the end of November, the European Commission announced the launch of a new blockchain association with five major banks on board, including BBVA in Spain. This initiative aims to develop guidelines and protocols for the blockchain industry, as well as to promote the international blockchain standards at the international level.
Image of the EU flag through Shutterstock
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