With cryptocurrencies struggling, the governments, corporations, and financial institutions have shifted their focus to the blockchain technology as evident from European countries signing the Eu Blockchain Partnership to develop and promote this technology.
Blockchain bearish europe’s step towards creating a digital single market
The member states of European Union signed a Declaration to establish a European Blockchain Partnership. According to the official website of European Commission, 22 countries have participated in this agreement to create a Digital Single Market that aims to position Europe as the world leader in blockchain industry.
This international partnership will basically allow its member countries to share their expertise and experience in this sector as stated:
“The Partnership will be a vehicle for cooperation amongst the Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors. This should ensure that Europe continues to play a leading role in the development and roll-out of blockchain technologies.”
The blog details further talks about the potential of blockchain technology that promotes user trust and “makes it possible to share online information, agree on and record transactions in a verifiable, secure and permanent way.”
EU blockchain partnership of 22 Countries to facilitate public services
Mariya Gabriel, the Commissioner of Digital Economy and Society, expressed her bullish sentiments on the same:
“In the future, all public services will use blockchain technology. The Blockchain is a great opportunity for Europe and the 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. The Partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for citizens.”
The list of the 22 countries that are part of this Declaration includes: Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and UK.
The European Commission has also invited other EU members to join the blockchain partnership that hasn’t signed yet.
In February, the European Commission invested about 80 million euro in the blockchain industry with the launch of EU Blockchain Observatory and Forum and now plans to pour in another 300 million euros over the next few years to study blockchain and for its advancement.
EU has already started funding the project which includes DECODE that basically provides tools to allow users to control their personal data by either keeping it private or sharing with others. Another project is MHDMD, which is the blockchain for ehealth.
What are your views on European Countries collaborating for blockchain technology and EU funding the blockchain projects? Share your thoughts with us in the comment section below!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.