Seven EU member states have recently released a declaration calling to promote the use of Distributed Ledger Technology, citing the trust-based tech as a “potential game changer”.
Transforming The Mediterranean
The declaration, signed in Brussels on December 4th 2018, was proposed by Malta, aka the “Blockchain Island”, and has now seen six other Mediterranean countries sign the document: France, Italy, Cyprus, Portugal, Spain and Greece.
The document states that implementing blockchain technology could help the Southern European Union countries to “expand their digital ecosystem”:
“We believe that Distributed Ledger Technologies, along with other emerging technologies like 5G, Artificial Intelligence and Internet of Things could be a strong contributor that will help Southern European countries transform the way that we experience as well as to expand their digital ecosystem including Research & Development and innovation”
The application of smart contracts to government-based services could potentially “transform” how specific services are delivered and help reduce administrative burdens: “..smart contracts in areas such as certifying product origin, education, transport, mobility, shipping, land registry, customs, company registry, and healthcare amongst others to transform the way that such services are delivered.”
The “Blockchain Island”
Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, recently tweeted how proud he was to see his country (the EU’s smallest state) becoming a trailblazer in terms blockchain technology adoption:
Malta have been championing cryptocurrency and blockchain technology for some time. In November the island granted Bitstraq exchange a Virtual Financial Asset (VFA) license, setting a precedent for other crypto-friendly nations to adopt a solid regulatory stance when it comes to growing their domestic crypto industry.
Also this year we’ve seen the nation attracting many other crypto companies, including Binance, to start setting up base on the Mediterranean island.
Blockchain Across Europe
Many blockchain based entities now want to see Europe as a whole become a pioneer in the application of Distributed Ledger Technology. Ripple, NEM, EMUGRO/Cardano and Fetch.AI have recently set up a lobbying group to help push the blockchain industry forward in the EU. In a press release, the group stated their vision is to “create a unified voice for the blockchain industry at European level.”:
“The association’s goals are to foster the understanding within EU- and member state institutions on the true nature and potential of the distributed ledger (DLT) and blockchain technology, and to ensure that upcoming regulation promotes and boosts innovation in Europe,”