15 May, 2018
In an effort to bring blockchain technology to the forefront of innovation, 22 countries in Europe have signed a declaration to form a European Blockchain Partnership. The formation of the partnership is to ensure Europe remains a top contender in the rise of blockchain technology around the world.
The partnership comes on the heels of a study by the European Commission that assessed the feasibility and potential of an EU-wide blockchain infrastructure. The study, which cost around €250,000, focused on how blockchain technology could help create a more “reliable, transparent and EU law compliant data and transactional environment.”
Becoming instrumental worldwide
Blockchain technology makes it possible for two or more entities to share information, process transactions, and store data in a secure manner. The technology has already been implemented in the financial industry and is expected to become more integrated into digital services like regulatory reporting, energy, and logistics in the next few years.
Mariya Gabriel, Commissioner for Digital Economy and Society, supports the new partnership. “Blockchain is a great opportunity for Europe and member states to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies,” she said. She hopes this partnership means better services for citizens.
Members of the new partnership
The countries included in the European Blockchain Partnership are Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Other countries in the European Union and the European Economic Area have been invited to join.
The European Commission also launched the EU Blockchain Observatory and Forum earlier this year and has granted more than €80 million to projects that support the use of blockchain in technical and societal fields. The EU has announced it will host a Fintech Lab later this year to display advances in technologies like blockchain and how they can be integrated into different fields in the near future.
Image from Pixabay.