A recent post on The Next Web revealed that the European Commission (EC) prefers the technology behind digital resources, namely blockchain technology, with immense distaste for digital resources themselves.
Apparently, the commission shared their preferences during a blockchain round table discussion, in which plans were made to consider blockchain technology in the project dubbed "International Association for Trusted Blockchain Applications".
According to Roberto Viola, who holds the position of Director General of Communications of the Commission, the main objective of this effort is mainly to "promote trust in the blockchain technology between public authorities and citizens", which he believes, "should not be associated with obscure cryptocurrencies. "
Despite their interest in blockchain technology, known for its openness and transparency, the European Commission seems to contradict their expressed interest, since it has decided to turn to authorized blockchains. According to The Next Web, the Commission has no other options but to test the waters of the authorized blockchain because of their respective law, but nevertheless it could become a problem when it is adopted.
For those who are not aware, an authorized blockchain network can be viewed as a hierarchy, so to speak, given that authority is given to specific known users, who in turn are responsible for block validation. Depending on the structure they choose to do, this can really have an impact on the decentralized, transparent and private nature of blockchain technology.
For example, access to an authorized blockchain is limited as it can only be done through an invitation. Likewise, transparency fails when some aspects are kept hidden by another party involved. Finally, because of the level of authority present, things can be easily optimized without anyone finding out, which ultimately defeats the original purpose of Satoshi Nakamoto with respect to blockchain technology and the need to regain decentralization.
Do you think it is right that Europe follows this path? Have you lost track of which blockchain technology should be? Let us know in the comments below.