The blockchain network is embraced by European countries in order to promote user trust and acceptance in the continent. Some European Union member’s states and Norway signed up a deal to create the European Blockchain Partnership recently. The countries participating in this agreement include France, Sweden, Germany, UK, Ireland, and the Netherlands. The primary objective of this collaboration is to work together in the establishment of a European Blockchain Services Infrastructure (EBSI). In addition to this, the EU members will extend help in the delivery of cross-border digital public services with the highest standards of privacy and security
Until now, several other European nations have come together to explore the potential and caliber of blockchain technology. The recent addition on the list is Italy after it signed up its Partnership’s Declaration last month bringing the total number of signatories to 26. All the members of this association have the responsibility to analyze and harness the best possible usage of blockchain technology. The initial set of services will include cross-border digital public sector feature which will be installed in the very first stages through EBSI.
The blockchain network will bring more efficiencies and safeties in cross-border services related to logistics and regulatory reporting. However, the advancement towards this objective is progressing bit by bit so far now with merely three meetings of the members since April. The partner nations are looking forward to establish EBSI as an international benchmark for the large-scale distributed ledger technologies. (Via Coin Telegraph)
Commissioner for Digital Economy and Society Mariya Gabriel stated that the blockchain technology is the future of all public services and this association has leveraged a great opportunity to European nations. The member states can rethink their existing information systems and generate new business opportunities to set up new areas of leadership which will benefit both citizens and companies, according to EC Europa.
Why Blockchain Technology?
The blockchain network enables sharing and verification of online information and record transactions in a secure way. It has been already tested successfully in various financial services and will leverage more efficiently with an increasing number of digital services in the coming years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]