New EU Report Assesses the Use of Blockchain Technologies in Finance, Trade and Public Service
The European Commission’s science and knowledge service, the Joint Research Centre, has published a new flagship report exploring the challenges and impacts of distributed ledger technologies. The report ‘Blockchain now and tomorrow’ offers an in-depth and practical understanding of blockchain and how the technology can be used in finance, industry, trade and the public sector in the future.
Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, responsible for the Joint Research Centre, said: “There is much potential for blockchain beyond cryptocurrencies. However, the technology and the business models are still in flux and policymakers should make sure the legal frameworks are up to the task of protecting people as they exchange data and assets in these novel ways. This report helps policymakers and industry understand not only the latest trends in blockchain technology but how we can build trust between different stakeholders and ensure this technology serves citizens.”
Mariya Gabriel, Commissioner for Digital Economy and Society, added: “Blockchain has the potential to transform the way we exchange a wide range of assets. It could enable the secure transfer of money, contracts, land titles, data, services and other assets digitally, with few or no intermediaries. It is important to explain practically how blockchain could be used in finance and trade. It is expected to transform many sectors of the economy, including public administration. Policymakers face the task of assessing whether current legal frameworks are up to the obligation of protecting people and values.”
Blockchain is the technology behind bitcoin and other cryptocurrencies, but it has the potential to transform the way we exchange a much wider range of assets. It could enable the secure transfer of money, contracts, land titles, data, services and other assets digitally, with few or no intermediaries.
In February 2018, the Commission launched the EU Blockchain Observatory and Forum with the support of the European Parliament to highlight key developments of the blockchain technology, promote European actors and reinforce European engagement with multiple stakeholders involved in blockchain activities.
More information is available online.
