Members of the European Parliament called for measures to accelerate the integration of blockchain into the sphere of trade between the EU countries. This is stated in the relevant resolution of the representative body.
The document is called "Blockchain: promising trade policy". It outlines possible ways to improve the effectiveness of EU trade policies, including free trade agreements and mutual recognition.
According to representatives of the European Parliament, the blockchain can increase the level of transparency of supply chains and the efficiency of trade operations, reduce costs, counter corruption and tax evasion, and can also improve data security. The key problems in the implementation of all these areas remain cybersecurity issues.
In addition, blockchain increases efficiency and simplifies the process of verification of trading participants. Small and medium-sized enterprises can also benefit from the use of new technology, which, inter alia, through smart contracts increases the efficiency of business processes and the security of payments.
Recently, seven European countries — Cyprus, France, Greece, Italy, Malta, Portugal and Spain — signed a Memorandum on the support and promotion of blockchain technologies.
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