Mediterranean EU International locations Agree To Push Blockchain Adoption

December 6, 2018 12:13 AM

Seven international locations, together with France and Malta, put their weight behind the “Southern European International locations Ministerial Declaration on Distributed Ledger Applied sciences.”

France, Italy, Spain, Malta, Cyprus, Portugal, and Spain, dubbed the “Mediterranean seven,” have signed a proper settlement and lobbied the European Union to advertise distributed ledger know-how (DLT).

The brand new settlement, titled the “Southern European Countries Ministerial Declaration on Distributed Ledger Technologies,” was signed on the fringes of a gathering of European Union (EU) transport ministers in Brussels on December 4, 2018. 

The settlement says the seven “view the digital sphere as a really perfect coverage space to embark on additional cooperation.” The international locations have a “forward-looking imaginative and prescient to make Southern Europe a pacesetter on rising applied sciences, akin to Distributed Ledger Applied sciences.”

The collaboration of EU international locations believes rising applied sciences like DLT, 5G, synthetic intelligence (AI), and the web of issues (IoT), might assist them to innovate and develop their digital ecosystems a effectively as enhance democratization efforts within the EU. The settlement states:

“We imagine that Distributed Ledger Applied sciences may very well be one of many devices that may assist our international locations rework their economies and society into actually digital ones and turn into a number one area on this sector.”

It factors particularly to DLT’s promise of belief for industrial, industrial, and public service use circumstances, together with “certifying product origin, schooling, transport, mobility, delivery, land registry, customs, firm registry, and healthcare.”

The group additionally believes the potential advantages of blockchain to knowledge privateness might empower “residents to be in command of their very own private knowledge.” A distinct group of seven EU international locations approached EU privateness regulators on November 27, 2018, accusing Google of breaching the area’s new GDPR laws by monitoring the web actions of thousands and thousands of residents.

The seven southern EU international locations advocating for blockchain are calling on the European Fee to additional the European Blockchain Partnership and its work. They’ve additionally dedicated to exploring the chances of cross-border DLT initiatives between the seven international locations and probably different neighbors. DLT laws, say the signatories, must also “take into account the decentralized nature of such know-how and needs to be based mostly on European elementary ideas and technological neutrality.”

The settlement seems to have been led by Malta, a rustic that has shortly moved to undertake and regulate cryptocurrencies and blockchain-related companies. Malta individually additionally hopes to remodel its personal economic system by way of the potential of the brand new trade.

This week is a busy one for blockchain advocacy in Europe, at a time when the EU and its financial and regulatory our bodies are contemplating legislative frameworks for the sector. This announcement comes on the heels of the formation of the “Blockchain for Europe” affiliation by Ripple, NEM, Fetch.AI, and EMURGO. That affiliation seeks to create a “unified voice” for blockchain know-how in Europe. 

Melanie Kramer is a contract FinTech, blockchain, and cryptocurrency author based mostly between France and Canada. Melanie has studied, and retains an avid curiosity in, world politics, enterprise, and economics.

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