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Blockchain technology has started to attract a lot of attention in the EU, especially in the last few years. So much so that, in fact, the EU classified as promising and challenging some time ago. But, after observing the potential of this technology, it seems that the European Union could be ready to make a move that will lead to the adoption of blockchain.
The current situation is the result of a decision taken in February 2018, when the European Commission (EC) decided to launch a Blockchain Observatory and a forum to support international engagement with the new technology and its stakeholders. Since then, the organization has made three reports – in July, October and December.
However, following the launch of the organization, the next step came in April. On this occasion, 21 countries that were members of the EU, accompanied by Norway, decided to sign a Declaration that led to the creation of the European Blockchain Partnership (EBP). Since then, five other countries have decided to join in 2018: Greece, Romania, Denmark, Cyprus and Italy. The main objective of this partnership is interoperability, energy efficiency, IT security and privacy.
European Blockchain partnership
A few months ago, a report titled "EUS Blockchain Technology Market (2018-2023)" from ResearchAndMarkets.com stated that the EU will likely increase its blockchain investments from $ 94 million to $ 386 million by 2020. The report expressed a positive opinion on the situation of the technology blockchain in Europe based on different aspects. These include the fact that the EC is in the process of liberalizing industrial regulations, as well as the fact that a new task force with blockchain skills is being created.
Later, another move that it will bring Europe closer to the blockchain it was made in October. This was the moment when the European Parliament created a new resolution called "distributed register technologies and blockchains: building trust with disintermediation". The paper predicts that the DLT could influence most, if not all, sectors of the economy. However, finance, health care, education, public governance, transport, author rights, data protection and similar sectors have received the utmost attention.
However, the biggest conclusion that can be made because of the agreement is that Parliament is planning to implement the proposed policies. Despite the risks of new technologies, it seems that the EU thinks it's worth it.
Blockchain in health care and finance
As mentioned, the health sector is among those that have received the most attention when it comes to the potential of the implementation of the DLT. A project called MHMD (My Health My Data) aims to use the blockchain for storing medical data in a safe and effective environment. By employing the blockchain, both public and private institutions would be able to access patient digital data under the patient's control.
The focus is on the protection of personal data that will also allow people greater control over how data is stored, managed and used. Blockchain can and should protect the privacy of sensitive health data and allow citizens the ability to choose which data to share.
As for the implementation of DLT in financial services, there are many important advantages. The first, of course, is the importance of blockchain in improving transparency, reducing transaction costs, eliminating hidden expenses and better managing data and streamlining processes.
It is believed that the trends in the implementation of DLT should be monitored, but also encouraged. Of course, a major concern is the volatility and uncertainty of the crypt. In fact, the ECB and the EC will have to provide a report on the sources of volatility in the crypt, but also to identify what may be a danger to the public. If cryptocurrencies can, in fact, be incorporated into the European payment system, then the possibilities must also be explored.
ICOs have also been seen as an important risk, mainly due to the lack of clarity when dealing with legal frameworks that are applied to ICOs. Therefore, national and EU regulators will be asked to identify criteria that can improve investor protection and regulate ICOs better and more accurately. There is potential in this area, although it requires careful management.
C & # 39; is a future for Blockchain in Europe?
While Europe recognizes the potential of blockchain technology, it is believed that there is still a serious lack of education about this technology. Just a week ago, large blockchain companies including NEM Foundation, Ripple, Fetch.AI and Emurgo decided to create a new association called "Blockchain for Europe". The Association intends to help the EU shape the global agenda on this technology through education and underlining its potential.
Slowly but inexorably, European countries are turning to DLT, with some countries just entering space, while others have been involved for some time. The ultimate goal of the EU is to become a global leader in this field, which is clear from numerous initiatives that took place in 2018.
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