The European Parliament called for speeding up the integration of blockchain

[boss.afro]

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.

source forklog.com

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[dothebeats]

It seems that the big guys from EU are really keen into seeing a blockchain-enabled trade scheme between their countries. I don't see a reason why not since blockchain would really be an effective way to facilitate some major trades and record-keeping between the EU countries. Even banks are eager to test a blockchain-powered system on a live scenario and see whether it's viable to do a complete overhaul of their own systems.

It's just saddening though that they are not pushing for the developments of crypto-payments, as it can also be useful for trades and such in-between different countries--and it's also considerably fast and cheap, too.

[butka]

My line of thinking is more or less the same. They all want to adopt the blockchain technology, but without the cryptocurrencies on top of it. Politicians, financial and government experts, public figures, they all are full of praise for this new and promising technology. But they all fail to recognize that in order for this technology to work, there should be at least some level of decentralization and a powerful network behind. The kind of network bitcoin has. And no, make no mistake, they will fight crypto-payments as long as they can because they have to protect the interests of the current model of monetary control.

[niublity]

I agree with this view. I think Europe is a region that needs to quickly cooperate in blockchain. Europe needs a blockchain to strengthen cooperation. Otherwise, the risk of future EU disintegration will be very high. The world economy is very bad now.

[davis196]

Some people think that blockchain technology can reduce corruption and tax evasion,other people think that it stimulates them.Some people think that blockchain is more efficient,other people think that it's less efficient.
Who is right and who is wrong?
The european parlament doesn't have the power to speed up blockchain adoption,so such statements are pointless.

[wuvdoll]

Blockchain is getting an amazing attention from the world and I am loving it. I know crypto is tied to blockchain but even if only blockchain gets this kind of attention that would only allow the crypto to go higher. People will see blockchain as something innovating and improving the current system, they will love it, they will use it on insurance, on real estate, on identification, on logistics and so forth and in the end when they want to use it on finance as well they will see that it has been around for a decade and more and will start using crypto currencies because of that.

Blockchain love the world has only has one direction and that will only lead to people loving crypto currencies because they love blockchain. Crypto will only get better with time, we just need to be patient.

[IlVeroNico]

Nice to see the EU countries expressing more interest blockchains.

Iirc more and more countries are studying and applying laws in that regard

[adzino]

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.

source forklog.com

Cyber security issue? I don't think is the actual problem. I thought blockchain was one of the most secured technology that is almost impossible to penetrate. They can actually use this technology since it is more reliable and can easily help to protect data and fraudulent activity. Just read about those SWIFT and other bank hacks. They sound extremely ridiculous.

[Akpuv]

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.

source forklog.com

Wow, this story has sort of made my day. It has made me to forget the worries of the continuous crypto market decline. This kind of suggestion from the EU clearly shows that there is light at the end of the tunnel.

[yusupjatigumilar]

if the blockchain system has been integrated with each other in my opinion it will indirectly increase public confidence in this system because the government has taken part here to ensure the privacy and security of the accounts of investors and all blockchain users, but here I also know that to do this takes time not a little and a lot of effort, considering the paradigm of blockchain and crypto currency is still dominated by negative rumors

[kampesino]

Whatever they do, it's going to be a very slow process. And some of those commissions (maybe even most) don't have tech people in them...
Granted, economists - which they do have - are very useful to get how the whole thing is working, but I think someone from those institutions has to be able to look under the hood and understand what's going on at some point.

Plus, so far, tech experts are not correctly incentivised in the public sector : why would they work cheaply for dinosaurs when they can sell their skills at a high price to promising Fintech startups ?

[olubams]

Blockchain would eventually be adopted mainstream without anybody being able to stop such movement. What the Parliament is simply doing is try to get their economy there before anyone else and then become a model for others coming behind because as the penetration continues, laws would need to be made which countries would also look for model to adopt and that would generate more income for the European economy because they would  then be in the position of rendering consultancy services in that area.

[Dimon8]

I think that 2019 will be the year of the introduction of blockchain technology in many spheres of human activity. The fact that blockchain integration is being considered in developed European and Asian countries suggests that the future has already come.