As the cryptocurrency world continues its battle to recapture its footing after a record-setting run toward the end of last year, traditional financial establishments, organizations, and governments are all looking to relinquish the advantages of Bitcoin’s underlying technology. Institutions having their own specific purposes, and now it looks like the European Union has entered this quest as well.
As many as 22 countries in the European Union have signed a declaration on the establishment of a European Blockchain Partnership on Tuesday, April 10th.
This is initiated with the aim of transforming Europe into a world-leader in the development and launch of blockchain technologies, the international partnership claims to be ‘a channel for cooperation’ among member states to share information and expertise related to technical and regulatory terms and conditions, this is to prepare the launch of EU-wide blockchain applications all around the Digital Single Market, for the benefit of the public and private sector.”
Along with greeting the partnership signing with open hands, Mariya Gabriel, Commissioner for Digital Economy and Society, also went on to make some extremely bullish statements:
“In the future, all public services will make use of the blockchain technology. Blockchain provides a tremendous opportunity for Europe and the Member States to rethink their information structures, to promote user trust and the protection of personal data, to help develop new business opportunities and to establish new areas of leadership, helping citizens, public services, and companies. The Partnership launched today ( 10th April) empowers the Member States to work in tandem with the European Commission to transform the massive potential of blockchain technology into better services for citizens.”
Since its launch in February this year, by the EU Blockchain Observatory and Forum, the European Commission has already showered 80 million euro into blockchain projects promoting both technological as well as societal advancement.
According to reports, an additional 300 million euro has been kept in reserve by The Commission for the purpose of blockchain development for the upcoming years.
The Declaration has been signed by the following nations:
- Czech Republic
Also what’s quite noteworthy is the fact that Members of the EU and of the European Economic Area that have yet not signed, for instance, Hungary, are invited to join the European Blockchain Partnership anytime they feel its suitable for them.
MHDMD and DECODE are the two blockchain projects which have already been funded by the EU, these projects would provide tools which would provide individuals with the ease to control whether they wish to keep their personal data private or share it publicly.