MEPs: “Use Blockchain Model to Cut Small Firms’ Costs and Empower Citizens”

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“Uses other than for crypto-currencies need to be promoted,” say MEPs lobbying the European Commission to get the right rules as to apply the blockchain model and make the EU a global leader.

Cut intermediation costs for small firms, empower citizens and enable the EU to become a global leader in this field: blockchain is not just about cryptocurrencies.

For instance, citizens could use blockchains to gain full control of their own data and decide what to share, and small firms and innovative start-ups could use them to cut intermediation costs and ensure that transactions are executed efficiently.

 

READ MORE ON HOW BLOCKCHAIN COULD CHANGE OUR LIVES (EU PARLIAMENT STUDY)

 

So, to become a global leader in this field, European Parliament’s Industry Committee approved recommendations on how to apply the blockchain model elsewhere.

Main aim of the Industry Committee MEPs is to call on the EU Commission to propose a regulatory approach designed to promote different uses of blockchains and other Distributed ledger technologies (DLTs) that is innovation-friendly and technology neutral.

To ensure the sector is competitive, MEPs also ask for the post-2020 EU long-term budget (Multiannual Financial Framework – MFF, currently under negotiation) to include funding for blockchain-based research and projects.

Rapporteur Eva Kaili (S&D, EL) said:

The Industry Committee voted univocally in favour of a forward-looking technology that we expect to change the quality of our life, empower SMEs and improve business models in most industrial sectors. Blockchain is a cutting-edge technology and we aspire to make EU the global leader in the era of the Fourth Industrial Revolution.

 

 

 

The Author

Doctoral researcher in Entrepreneurship with a research focus on venture financing and a passion for all things sustainability, I have developed my career in the marketing realm by helping Fortune500 companies maximise their strategic efforts. Holding a Full-Time MBA from Durham University, I blogged for the Financial Times. Find out more about me here: https://www.linkedin.com/in/lucasabia/