Member states agree to collaborate on EU-wide blockchain applications

Member states agree to collaborate on EU-wide blockchain applications

EC vice-president Andrus Ansip underlined blockchain technology among "the areas where Europe is best positioned to play a leading role" alongside artificial intelligence (AI).

The event highlighted how blockchain will work with other next-generation technologies to create a more digitally friendly and capable Europe.

At the event, Andrus quoting Atomico - a British worldwide technology investment company, claimed that Europe is "home to the world's leading AI research community", while the European technology sector claimed that Europe is "best positioned to play a leading role" in Blockchain as well.

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Separately, the European Commission is proposing EU-wide fines of up to 4 percent of a company's annual turnover in each member state for firms found guilty of widespread infringements.

Blockchain, it has been claimed, has the potential to create opportunities to enhance services in both public and private sectors, notably making better use of public sector information while preserving data integrity, and providing better control of data by citizens and organisations interacting with public administrations, reducing fraud, improving recordkeeping, access, transparency and auditability, within and across borders.

The afternoon session was dedicated to the Blockchain Partnership Initiative.The European Commission (EC) organized on Tuesday the EU Digital Day 2018, which drew digital technology experts and enthusiasts from across Europe.

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The signatories agreed to co-operate to establish the partnership with a view to developing a blockchain infrastructure that can enhance value-based, trusted, user-centric digital services across borders within the Digital Single Market.

The partnership is tasked with allowing member countries to share experience and expertise in the emerging technology in order to create a path for a Digital Single Market that will benefit the private and public sectors. The technology is already being successfully tested, mostly in financial services, and will become more operational and integrated into increasing number of digital services, such as regulatory reporting, energy and logistics in the coming years. Around EUR 300 million more are to be allocated to blockchain by 2020.

Before now, the European Commission had in February made an announcement of the launching of the European Union Blockchain Observatory and Forum that aims at applying Distributed Ledger Technology (DLT), of which Blockchain is one kind, to the bloc's economy.

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In the United Kingdom, we are constantly faced with news of Brexit and the pressures of the European Union referendum, to be honest, it is rare that we hear of any positive movements within negotiations and deals, this one however stands out as something both important and progressive. This new blockchain partnership will enable each member state to work together, and facilitate the implementation and interoperability of blockchain services.

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