After months of Monitoring and observation of the “promising and challenging” potential of the Distributed Ledger technology (DLT) promise the European Union is finally a step in the direction of the Blockchain-industry.
Like all
had Already in February 2018, the European Commission, the EU Blockchain Observatory and Forum launched to support European cross-border cooperation with the technology and its various interest groups and to join the economy to the Blockchain.
Since its official launch, the newly – formed organization supported by the European Parliament – three thematic reports: the first in July, with the name “Blockchain Innovation in Europe”; the second in October, “the Blockchain and the DSGVO”; and the third in December: “the Blockchain for government and public services”.
The second step created was made in April, as 22 countries – 21 EU member States and Norway-a Declaration signed with the European Blockchain – partnership (EBP). In the year 2018, five other European countries in the EBP in: Greece, and Romania were held in may, Denmark and Cyprus in June, and Italy — the last member joined in September. The main focus of the partnership on cyber security, privacy, energy efficiency, and interoperability, the EU law is fully respected.
Mariya Gabriel, Commissioner for digital economy and society, commended the establishment of the EBP:
the Blockchain is a great opportunity for Europe and its member States to rethink their information systems, to promote the confidence of users and the protection of personal data, to create new business opportunities and create new management areas, from which citizens, public services and businesses.
in the autumn of published ResearchAndMarkets.com a new report with the name “EU5 Blockchain Technology Market (2018-2023)”. In the report, it is expected that the EU will step up their investments in Blockchain and DLT projects from 82 million Euro in the year 2018 to 340 million euros until 2020. The positive attitude of the document to the Blockchain-industry in Europe is based on several key facts: The EU liberalised the regulation of the industry and creates a new task force that is entrusted with the Blockchain expertise.
another step in the direction of the Blockchain took place in October of this year, the European Parliament formulated a resolution with the title “Distributed Ledger technologies and Blockchains: building trust with Disintermediation”. In this decision it is said that DLT “could potentially affect all sectors of the economy”, but it is concentrated in several key areas: Finance, healthcare, transport, education, copyright, governance, privacy, and a few others.
shows The agreement that the Parliament has drawn up the plans of the European Commission, to ensure that the proposed measures will be implemented, and the advantages of the DLT implementations are taken into account and some of the associated risks. This decision is of great importance, because that Parliament has formulated several key features.
health
the potential of the DLT implementation in the health sector and in the medical field, was one of the first initiatives that were discussed by the European Union. My Health My Data (MHMD), the EU-funded project, aims “to use the Blockchain technology to be able to medical data safely and effectively and save”. The, signed in October, the decision highlighted that the Blockchain “would improve the data efficiency and reporting of clinical studies in the health sector, enabling the digital exchange of data between public and private institutions under the control of the citizens / patients.”
For the EU is the focus of the implementation of the Blockchain technology on the protection of personal data (followed by the General data protection regulation (DSGVO)), with the “people more control over how you store personal information, manage and use Online-generated “, says DECODE, another EU-funded Blockchain project. The document argues that the Blockchain is designed to protect “the confidentiality of sensitive health data” and the citizens would be allowed “to control their health data, and to benefit from transparency, and to decide which data is to be shared, also with a view to their use by the insurance companies and the EU Ecosystem in the health sector. “
It also highlights the importance of improving the health sector with DLT “by electronic interoperability of health data, identity verification and a better distribution of drugs” as well as the improvement of the management of health systems.
financial services
The introduction of DLTs for the financial sector in Europe, offers several major advantages. One of them is the importance of the Blockchain technology for the financial is definitely mediation by “improving the transparency and reducing the transaction costs and hidden costs through better data management and streamlining of processes”.
called on The European Commission and local Supervisory authorities to monitor the development of the DLT implementation in the financial industry, and are, “to conduct the research and the Experiment that have made the most important financial institutions, to explore the capabilities of the DLT,.”
The European Parliament also expressed concern about the “volatility and uncertainty” of Crypto. It requires the European Commission and the European Central Bank (ECB), “feedback of the causes of the volatility of crypto-currencies, to identify hazards to the Public and to consider the possibilities, whether crypto-currencies are in the European payment system can be integrated.”
There are certain risks in relation to Initial Coin Offerings (ICOs) , and in the resolution, the “lack of clarity is highlighted in relation to the ICO applicable legal framework” that could affect the investment and financing potential of the ICO to be negative. The Parliament calls on the European community and the national regulatory authorities, “to determine the criteria, die improve investor protection and disclosure requirements and obligations for the initiators of ICOs to improve,“ the risks and dangers associated with ICO-avoid projects.
The certainty and clarity of crowdfunding in the crypto area could increase the protection of investors and consumers, and the “risks due to asymmetric information, fraudulent behaviour, reduce illegal activities such as money laundering and tax evasion.”
How shiny is the future for Blockchain in Europe?
in the Meantime, the solution for the Distributed Ledger technologies and Blockchains has a political rather than legal significance, because the European community needs to respond to these demands.
last week, four large Blockchain companies-including Ripple, NEM Foundation, Emurgo (based on the Cardano Blockchain) and the development of the company “Smart Ledger have to Fetch”.AI — ie “Blockchain for Europe” Association was established. iel is to assist the EU in shaping the global Agenda of the Blockchain, by offering education on the potential of technology and “smart regulation” for the Blockchain industry.
The EC seems to be in the promotion of a global regulatory framework for the Ecosystems, Blockchain and crypto currency is not completely involved. The General idea is to focus on the promotion of the rules of the technology on a national level.
A vivid example of this is a further explanation, the on 4 is. December of seven southern European countries France, Italy, Cyprus, Portugal, Spain and Greece was signed — including. It was initiated by Reports of Malta, the Europe is commonly called the “Blockchain Island”. In this Declaration, the EU is asked to help to promote “the DLT, which is most associated with crypto-currencies, of governments, however, increasingly is used to provide services to citizens.”
Switzerland is another European country, but not a member state, which provides a friendly regulation, the Blockchain and the crypto industry.
Europe has the ambition, “the world market leader in the area of the DLT,” which shows the number of initiatives in the year 2018. It might, however, be considered, to bring them more legal powers than to raise only “consciousness”.