Is The EU Taking Steps To Strengthen Their Blockchain Ecosphere?

By Rishma Banerjee

With the rising popularity of blockchain technology, the European Union has formed an international association, which is to promote the governance and development of blockchain technologies. RecentlyThe International Association for Trusted Blockchain Applications (INATBA) is slated to develop a framework to promote public and private sector collaboration and at the same time create a framework which will bring about regulatory convergence.

The Commissioner for Digital Economy and Society, Mariya Gabriel,  commented,

“Europe must make more of technological innovation and blockchain technology is an innovation that Europe cannot afford to miss… As digital services become increasingly widespread, we need to be able to trust their security and reliability, and blockchain offers myriad possibilities in this regard. We have an opportunity to develop an inclusive partnership that will help it flourish.”

Several countries who are a part of the European Union have had an extremely positive stance regarding blockchain technology and are soon starting to realize it’s true potential. As the entire set up is decentralised, and without manual intervention, it makes it possible for the user to get an accurate record of transactions without the need for a centralised overseer.

In February 2018, the European Commission (EC) launched the EU Blockchain Observatory and Forum, with the aim to support European cross-border engagement with the technology and its multiple stakeholders and to unite the economy around blockchain.

In April 2018, 21 EU member states and Norway signed a Declaration which led to the creation of a European Blockchain Partnership (EBP). During 2018, five more European countries joined the EBP: Greece and Romania in May, Denmark and Cyprus in June, and Italy — the last member to join — in September. The partnership’s main focus is on cybersecurity, privacy, energy efficiency and interoperability, all in full compliance with EU law. Gabriel said,

“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.”

That being said, with an increase in the frequency of blockchain related reports, it seems that the European Union, amidst all this political quagmire about Brexit, is trying really hard to implement and use blockchain technology, for their benefit.