European countries signed a partnership agreement to promote the development of blockchain technology and pave the way for the Digital Single Market throughout the EU.
According to the statement on the website of the European Commission, 22 EU member states signed a declaration on the establishment of a European blockchain partnership.
Its mission is to allow participating countries to share their experience and knowledge about emerging technology to pave the way for the Single Digital Market, which will benefit both the private and public sectors. But the most important goal of the partnership is that Europe should remain at the forefront of the countries engaged in the development and implementation of detachment technologies, the statement said.
Blockchain in it is described as a technology that can strengthen confidence. A technology that can be used to exchange information and “maintain verifiable, secure and continuous accounting of transactions”.
As this technology is already used by financial institutions around the world, the agreement participants are waiting for the opportunity to adapt it and integrate it into digital services so that in the coming years it will benefit other commercial sectors. The statement also notes that thanks to the decentralized and cooperative nature of the detachment, all the advantages of the Single Digital Market can be enjoyed from the moment of its creation, and the fact that close cooperation between the partner countries will avoid a fragmented approach to this issue.
This joint approach will allow all partners to make an equal contribution to the creation of a favorable ecosystem that is fully compatible with EU legislation and ensures efficient operation of blockchain services throughout Europe.
Mariya Gabriel, European Commissioner for the Digital Economy and Society, commented on this agreement:
“In the future, government services will use blockchain technology. This technology is an excellent opportunity for Europe and the EU member states to rethink their information systems, improve user confidence and protect personal data, create new business opportunities and develop new leadership zones, benefiting citizens, government services and companies. The partnership created today will allow the participating countries to work together with the European Commission to wrap up the huge potential of blockchain technology in improving services that work for the benefit of citizens.”
The European Commission has already invested more than 80 million euros in the development of blockchain-technologies for the municipal and social sectors. Another 300 million euros, intended for blockchain needs, was postponed for 2020. In addition, in February 2018, the European Commission established a forum and an EU observatory on issues of blockchain.
The EU calls for all EU countries and the European economic space to join the partnership. The partnership has already been concluded by 22 countries – 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.