Countries Sign Declaration For European Blockchain Partnership

12 April, 2018, 00:27 | Author: Diane Mills
  • Blockchain 22 European Countries Sign Partnership to Create Digital Single Market John Mc Mahon

The one-day event was held in collaboration with the Bulgarian Presidency of the Council of the EU and aimed to lay the basis for the European digital future with a focus on innovative technologies like blockchain, artificial intelligence (AI), and eHealth.

Further, the EC announced that it will form a European Blockchain Partnership to "promote interoperable infrastructures", though no further details are available at this time.

An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology.

Part of this push for standardization is the General Data Protection Regulation, which will govern the treatment of European Union citizens' personal data beginning in May.

All EU member states except for Croatia, Cyprus, Greece and Romania vowed to modernise national policies as part of an effort to develop large-scale AI research.

The declaration will bring together member states to exchange their experience and expertise in technical and regulatory fields.

More news: Raymond James & Associates Acquires 4634 Shares of Tesla, Inc. (NASDAQ:TSLA)

Some 22 European countries have this week signed an agreement to collaborate and work on creating EU-wide blockchain applications, in an attempt to support the EU Digital Single Market and avoid fragmentation across member states.

The commission also stressed that this move should allow Europe to continue playing a leading role in the development and implementation of blockchain technologies.

As the technology is already being utilized around the world in the financial sector the partnership looks forward to adapting it and integrating it for digital services that will benefit other commercial sectors in the coming years.

The European Commission launched the EU Blockchain Observatory and Forum in February and will invest some €300 million ($370M USD) in projects supporting the use of blockchain.

Commissioner for Digital Economy and Society Mariya Gabriel supported the Blockchain Partnership Initiative by saying:"In the future, all public services will use blockchain technology".

Calls for the European Union to introduce collective lawsuits - a tool used extensively in USA litigation - grew after revelations in 2015 that Volkswagen had cheated on environmental emissions tests. 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.

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