22 European states commit to blockchain development

22 European states commit to blockchain development

22 European countries have committed themselves to foster the development of blockchain and ultimately prepare for the launch of EU-wide blockchain applications. By signing a Declaration on the establishment of a European Blockchain Partnership, signatories can exchange experiences, expertise and learnings related to the technical and regulatory aspects of the technology.

Collaboration

The EU-wide blockchain applications are to be distributed across the Digital Single Market and aimed to benefit both the private and the public sector. By collaborating closely, fragmented approaches are avoided, generally enabling a wider deployment of blockchain-based services. Naturally, the activities will be in full compliance with European laws and meet regulatory requirements, ultimately stimulating blockchain-related services across Europe.

The countries involved in the partnership are: Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the UK.

Positive outlook

By dedicating to the development of blockchain, the EU-countries involved promote user trust, a distinctive feature that partly defines the technology. By using blockchain, the sharing of information in simplified, verifiable, secure and permanent form is enabled. Currently, the use of blockchain is most frequent in the financial services industry, where it already sees many successful use cases.

Previous blockchain activity

Previously, the EC launched the EU Blockchain Observatory Forum in February 2018, through which the EC already invested over EUR 80 million to date in blockchain-related projects in technical and societal areas. By creating the Declaration, Europe aims at continuing their momentum regarding the development of the promising technology.

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