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The European Parliament (EP) called for measures to promote the adoption of blockchains in trade and business across the region.
The legislative body has adopted a resolution Thursday, nicknamed "Blockchain: a far-sighted commercial policy", which illustrates how nascent technology could improve EU trade policies, including free trade agreements and mutual recognition.
Blockchain could improve supply chain transparency, streamline business processes, reduce costs and corruption, identify tax evasion and improve data security, the EP said. IT security, he added, remains a key challenge.
The resolution went on to explain that, despite previous commercial successes, EU free trade agreements continue to be underutilized. On average, only 67% of exporters and 90% of importers use preferential tariffs in the EU and partner countries.
Using blockchain technology, operators could upload all their documents in one place, including compliance, to benefit from preferential rates, he said. The technology could also help authorities automatically obtain information from these parts and improve verification and trade processes.
Small and medium-sized enterprises could also benefit from the blockchain, says the EP, as it would allow better communication between the parties, secure payments and simplify activities through the use of smart contracts.
The institution stressed the need to develop "global interoperability standards" to facilitate transactions through blockchain for more fluid supply chain processes.
He also invited the European Commission to follow the ongoing pilot projects on the global supply chain and the draft rules for the applicability of the blockchain to international trade, as well as to set up an advisory committee on blockchain within the Directorate general for trade, among other requests.
Finally, the European Parliament reminded the committee that:
"The EU has the opportunity to become a major player in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, along with international partners."
The resolution marks the last positive step towards the adoption of the blockchain in the EU region. At the beginning of this month, seven Southern European states – France, Italy, Spain, Malta, Cyprus, Portugal and Spain – signed joint declaration promote the use of blockchain to transform their economies.
Parliament of the EU image via Shutterstock
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