Digital Day 2018, held in Brussels on April 10th, welcomed the signature by 22 European countries of the Declaration on the establishment of a European Blockchain Partnership.
This association will promote cooperation between the different Member States in the technical and regulatory fields of Blockchain and, in addition, will prepare for the launch of Blockchain applications in the EU’s Digital Single Market. Therefore, the European Blockchain Association will guarantee the leadership of the EU in the development of Blockchain technologies worldwide.
The Commissioner of Economy and Digital Society, Mariya Gabriel, spoke about the importance and the great impact of this new technology in society:
“In the future, all public services will use blockchain technology, Blockchain is a great opportunity for Europe and the Member States to rethink their information systems, promote user confidence and protect personal data, help create new opportunities for business and establish new areas of leadership, benefiting citizens, public services and companies The Association launched today allows member states to work together with the European Commission to transform the enormous potential of Blockchain technology into better services for citizens “
The signatory countries of the agreement have been: Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
Background of the European Blockchain Partnership
Also, the European Commission has been funding Blockchain projects since 2013 through its FP7 and Horizon 2020 research programs. Until 2020, the European institution will continue to finance projects related to this technology worth 340 million euros.
What is Blockchain technology and what is it for
The Blockchain technology is a system that encrypts information on the Internet, which was born thanks to the creation of the digital currency Bitcoin.This system is, in fact, a distributed database composed of encrypted blockchains that make it impossible to modify the stored information.
This system provides valuable advantages in the digital world, since it allows the transfer of digital data in a totally secure way by encrypting information.
In addition, technology makes it possible to do it without a trusted third party when transferring data, since it is no longer necessary to centralize and guarantee the authenticity of data. Instead, this technology is a distributed system where the information is stored in separate modules that record and validate it.
Finally, the system guarantees that the stored information can not be erased. Therefore, it is a system that guarantees the veracity of online transactions and their traceability over time.