The EU fairly is considered a standard-setter in decentralization, turning into a center to many facilities and firms. The formation and introduction of blockchain strategy in the EU have opened new horizons: individuals and legal entities can mutually record and collect data without a 3rd-party authority. As a matter of fact, blockchain strategies are already widely used in the healthcare sector to store medical details about patients. By building reliance in data storage in methods that were not accessible earlier, decentralization may revolutionize how we provide data and conduct payments via the Internet.
The Eurocommission works to make up a strategy based on 5 main pillars. There is a so-called “golden criteria” for decentralized technologies that involves EU principles and ethos in its legit and regulative requirements.
This criteria encompasses the following:
- Eco-friendly approach: Blockchain must not entail any harmful environmental effects and be energy-effective.
- Informational security: Blockchain must always comply with the EU’s information safeguarding and privacy laws, avoiding any possibility of information leak and using it in 3rd-party interests without permission.
- Digital identity: Blockchain must constantly better the EU’s emerging digital identity frameworks. This primarily refers to staying adaptive with electronic signature obligations and operating under decentralized identity frameworks.
- Computer security: The security of users must be guaranteed by setting up and maintaining the highest levels of online security.
- Ability for varied interactions: Blockchain should create systems from arbitrary heterogeneous, distributed components based on unified interfaces and connect them with existing standards.
Constituents of the EU blockchain strategy
The EU supports innovations creating new blockchain-friendly legit, regulative, and fiscal environments. The most crucial components of this approach encompass the following:
- Creating a pan-EU public service blockchain: The EU public domain plays a big role in implementing Digital Ledger Technology (DLT) by developing its ecosystem. Soon, this will include direct interactions with privately owned segment. The EBP is implementing this plan step by step. It is a co-action of 29 countries and the Eurocommission.
- Developing sustainable approach: The EU greatly encourages the application of DLT in encouraging eco-friendly economy progress, positively impacting environmental changes, and contributing to the EU Green Deal.
- Boosting the volume of financing for R&D: The European Union provides financing for innovations via various grants and programs. These aids are delivered through the Hοrizon program: the authority spent approximately 180,000,000EUR in grants in the frame of Hοrizon 2020. A substantial financial blueprint for next allocations is planned in the future programs. Financed areas include contributions in projects through the innovative instruments and investing funds.
- Bringing legit clarity: The Eurocommission recognizes the role of legit and regulative clarity in subsectors related to blockchain-grounded usage scenarios. To date, it is designing an innovative legit regime in the fields of virtual currencies (meaning, tokenization) and algorithms that safeguard clients and makes clear legit points for enterprises. The Commission demonstrates strong support for a pan-EU approach and makes efforts to avoid legit and regulative fragmentations. Interestingly, not a long time ago it issued a proposal for regulation of cryptocurrency, revising the AML legislation for virtual currencies, and announcing a pan-EU regulative sandbox for the newest solutions. The primary purpose of these implementations was to attract more funds and to strengthen the security of market participants.
- Cooperating with all market players: The Eurocommission is committed to interoperation with the privately operated field, and the industry through two properties:
- INATBA, which markets the ability for varied interactions between DLT and governments, and operates as an agent between law-makers and international structures.
- The EU Blockchain Οbservatory and Fοrum, an EU Parliament-financed project in a testing version that aims to collect experience to make up sector initiatives and movements worldwide to result in a complete, publicly accessible platform of blockchain database that applies to the EU blockchain ecosystems.
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