7 Members of the EU Sign a Declaration to Promote Blockchain

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Blockchain


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AI

On the 4th of December, Southern European Countries Ministerial Declaration on Distributed Ledger Technologies was signed by seven EU members. The document emphasized their will to promote the use of distributed ledger technology.

France, Italy, Spain, Malta, Cyprus, Portugal, and Spain came together in Brussels to lobby for the promotion of blockchain technology, and to express commitment to explore the applications for the technology within governmental services. The signed document expresses a great belief in the potential of blockchain technology, as an instrument to transform the economy and society into a truly digital one.

Blockchain development adoption in the public sector

The commitment to exploring the possibilities and becoming a leader in the emerging technology is a bold move, and it fits into the global movement towards blockchain and its wider adoption in government services.

More and more governments and organisations test its usage in various appliances, mostly in finance and legal areas. Polish blockchain for the credit reference agency BIK and banks and “Court of the Blockchain” initiative in UAE are excellent examples of this. The European Commission also launched a new blockchain association with five major EU banks, aiming at developing and promoting blockchain standards in Europe.

Blockchain opens ways to increase efficiency, accountability and privacy

Blockchain has the potential to solve a number of issues in the public sector. The decentralized ledger technology and blockchain itself has features that can transform the e-government services. The most interesting of its aspects are safety, transparency and immutability. The blockchain development that can cut costs and improve administration.

The adoption in the public sector will also have a direct impact on business, and help the technology to develop further.

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