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Four blockchain-based companies have joined together to form a "Blockchain for Europe" lobbying union, which would help to give voice to the blockchain community in the European Union. The companies that have teamed up to form this pressure group are Ripple, NEM, Fetch.AI and EMURGO / Cardano, a press release from the group announced at the start of this week.
The company's goal is to promote the true power of blockchain technology and help the EU understand what could be achieved by using this technology. In addition, the pressure group also wants to ensure that the upcoming blockchain regulations are conducive to the growth of this industry in Europe. All four members of Blockchain for Europe are companies that are completely dependent on blockchain technology for their activities. The press release reads:
Blockchain for Europe is the first credible attempt to create a unified voice for the blockchain industry at the European level. The political debate in Europe has been fragmented – with inconsistent information from those who are not part of the blockchain sector, defying consensus within it.
The objectives of the association are to promote the understanding of the institutions of the EU and of the Member States on the true nature and potential of DLT (distributed ledger) and blockchain technology, and to ensure that the 39, forthcoming regulation promotes and promotes innovation in Europe.
At the end of November, the group hosted a "Blockchain for Europe" conference attended by people from all over the world. The summit also has the support of the four largest EU parliaments. The highlight was the use of blockchain technology in various areas such as governance, health, commerce and transport, finance, identity and cryptocurrency, among others.
The regulatory framework has become a matter of global debate over the years. A number of countries have regulated cryptocurrencies, but they are still a small part of the blockchain industry in general. Blockchain technology has been implemented by several countries for various purposes, but regulations in this area are not yet clear. Lobbies such as these help ensure that governments and regulatory bodies are well informed about the decisions they make.
Dan Morgan, head of regulatory relations for Ripple Europe, said:
"We aim to provide insights that are not adapted to the agenda of specific organizations or stakeholders, and Ripple is delighted to be a founding member of Blockchain for Europe, which is a critical moment for policy makers in Europe because try to develop the right regulatory framework to reap the benefits of both digital resources and blockchain technology. "
Blockchain networks are already used in various parts of the world. Sierra Leone held an election on a blockchain network at the start of this year. India provides subsidies to farmers and education on the blockchain, China is developing smart cities that would be fueled by blockchain-based smart contracts. With blockchain becoming mainstream, regulations are needed and regulatory bodies need to be aware of the full potential of technology. This is where lobbyists and associations like Blockchain for Europe come into play.
