Global blockchain adoption has long been the key to the industry’s long-term success. It is the only missing ingredient in an otherwise impressive set of features and advantages, and while the road to cover is still long and tedious, advances have been made in the last few months in several locations.
The most recent positive news development regarding the subject comes from European soil. This week, some European Union members have come together in an effort to promote the use of the blockchain technology with the intention of using it to improve services provided by the respective authorities, as well as to achieve financial well-being.
The countries in question announced on Tuesday the signing of a “joint declaration” in which they acquire the compromise of promoting the adoption of the blockchain technology in the region in order to “transform” their respective economies. They are also committed to collaborating in technology development as the EU aims to become one of the planet’s leaders in this regard.
The Actors behind the Document
The six nations that signed the agreement were Spain, Portugal, France, Italy, Malta, and Cyprus. The joint declaration was agreed upon and signed in the city of Brussels, the capital of Belgium, on Tuesday, December 4th.
In the document, the signees state that “the blockchain has the potential to be a game-changer” in several industries and applications. According to the document, it can increase efficiency and transparency in services provided by governments, ranging from health care, transport, education, and others. For citizens, its global adoption would mean “accountability and privacy for the end-users.”
“This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information,” it could be read in the declaration.
Regulatory issues surround the adoption of blockchain technology. Regarding the situation, the group of signees stated in the document that they “believe that any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality. It should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop use cases.”
Malta, One of the Pioneers in the Quest for Mass Adoption
Malta’s authorities are excited to officially form a block of European countries to support and promote the application of blockchain technology as a solution for many of the issues that could use optimization and improvement, such as mobility, shipping, land registry, customs, company registry, and others. Silvio Schembri, who currently acts as Malta’s parliamentary secretary for digital economy, financial services, and innovation, took its happiness to Twitter on Tuesday and wrote that he was “proud” that his nation, the smallest of the EU, was embracing a “leading role” on promoting blockchain adoption.
European countries are not only promoting the blockchain technology as an all-around solution, but they are also experimenting with it on a wide scale.
By Andres Chavez
