Every day that passes, governments around the world express their interest in Blockchain technology, and the possibilities that blockchains open. And it is that, beyond cryptocurrencies, this technology provides opportunities for the creation of greater efficiency in all sectors. Which is why, there could soon be a Blockchain of the European Union, as commented today during the European Blockchain Convention.
Towards a digital Europe
If there is a region of the world that for years has set its sights on new technologies, it is Europe. And it is that, for some time now, the countries that are part of the European Union have been working on the creation of new standards and procedures to face the challenges posed by the digital age. Including the world’s most advanced privacy regulation, and multi-million dollar investments in the technology sector.
Thus each country individually, and the European Union as a whole, have been directing their efforts towards creating a friendly environment for innovation. Which includes, of course, Blockchain technology, as indicated by the Head of the Blockchain Innovation Unit of the European Commission, Peteris Zilgavis, during a panel at the European Blockchain Convention.
According to Zilgavis, in Europe simultaneous efforts are being made in two directions to consolidate the Blockchain sector on the continent. First, by applying current European laws to blockchains, as an interim regulatory framework.
And secondly, working on the creation of specific laws for the crypto world, which can start operating as soon as possible, providing autonomy and control to individuals.
A Blockchain of the European Union
However, European efforts for the development of Blockchain technology would not stop there. Well, the main virtue of blockchains is to provide citizens with confidence in the information contained in them. Therefore, the governments of the European Union have decided to invest in the creation of their own regional Blockchain. As the Head of Sector of the Directorate General for Informatics of the European Commission, Joao Rodrigues, commented:
«Governments need trust and we need a way to trust their information, and the Blockchain is a way to validate information (…) The European Commission is creating a European Blockchain with the Member States, with Commission technicians to avoid having to trust on an external Blockchain«.
Although it would still be years for this Blockchain of the European Union to see the light. If the project is finally successful, it would be providing European citizens with the possibility of participating in the world of blockchains. Within an environment regulated and controlled by the EU authorities.
Something that, although it may sound bad to many defenders of decentralization within the crypto world. It would be giving an important advantage to companies and organizations in the European Union over their competitors around the world.