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There are several countries around the world that are investing in tests and paths of revolutionary blockchain technology. The countries that make up the European Union (EU) also appear on this list. And after several months of testing, observation and monitoring of the promising and challenging potential of ledger register technology (DLT), it seems that the European Union has finally reached a unanimous decision on this, and are directing their sails towards the 39; blockchain industry.
Return to the beginning
Europe's involvement with blockchain technology dates back to early February, when the European Commission (EC) launched the Observatory and the EU Blockchain Forum. The main purpose was to support European cross-border engagement with the technology itself and with different stakeholders, while combining the economy around the blockchain. Since its launch, the forum has published a total of three thematic reports, which are,
- Blockchain Innovation in Europe
- Blockchain and the GDPR
- Blockchain for the government and public sectors
Subsequently, the forum took the next important step forward in April, when 22 countries signed a declaration that created a European Blockchain Partnership (EBP). 21 of these countries were members of the EU and the stranger was Norway. Later, however, the initial number from 22 rose to 27, while another five European countries joined the euro; Greece, Romania, Denmark, Cyprus and Italy. The fundamental objective of this partnership was in the areas of information security, privacy, energy efficiency and interoperability.
Blockchain is a great opportunity for Europe and the Member States to rethink their information systems, promote user trust and protection of personal data, help create new business opportunities and establish new areas of leadership, to benefit of citizens, public services and businesses (sic)
Said, Mariya Gabriel, commissioner for the economy and digital society.
Furthermore, another step forward was taken in October when the European Parliament issued a resolution entitled "Distributed ledger technologies and blockchains: building trust with disintermediation". According to this resolution, the DLT has the potential to change all sectors of the economy, including finance, health, transport, education, author rights, public governance, data protection, etc.
Healthcare sector
The health care sector was among the first in which the potential of distributed ledger technology was applied by the EU. In fact, the EU has even funded a project under the name My Health My Data (MHMD), with the aim of exploiting blockchain technology for the storage and safe and effective transmission of medical data . The EU is all about power for people, because its main goal to implement blockchain technology is the protection of personal data, which obviously also includes medical data.
In addition to this, importance is also given to the improvement of the health sector itself, including management, with the DLT, through the electronic interoperability of health data, the verification of identity and a better distribution of drugs.
Financial services
Because one of the key purposes of blockchain technology is to improve transparency and reduce transaction costs and any other hidden costs in the financial sector; the EU is also studying this.
Although the EU may seem ready to embrace the DLT, however, it is not entirely without fear. Indeed, the European Parliament has even expressed concern about the uncertainty and volatility of cryptocurrencies. Thus the parliament has made it necessary for the EC and the European Central Bank (ECB) to provide effective feedback on the volatility sources of cryptocurrencies. Furthermore, they are responsible for identifying hazards to the public and exploring the possibilities of incorporating cryptocurrencies into the European payment system.
The European Parliament seems to be fully aware of the risks associated with initial coin offerings (ICOs), and therefore asks the EC and other national regulatory authorities to identify criteria to improve investor protection and to articulate the requirements and disclosure requirements for promoters of international product organizations to avoid risks and scams related to the ICA.
The future blockchain of Europe
Just last week, four major blockchain companies, Ripple, NEM Foundation, Emurgo (based on Cardano blockchain) and the "smart ledger" development company Fetch.AI, formed the "Blockchain for Europe" Association. It was revealed that the purpose of this was to lend a hand to the EU to shape the global agenda on the blockchain.
Europe has its vision of becoming the global leader in the field of DLT and it seems that it is getting closer and closer to achieving this goal, with every step necessary to promote technology at the national level.
