Blockchain transactions are recorded by multiple users, rather than by paid - and often costly - intermediaries. The model is currently best known for underpinning the functioning of digital currencies, such as Bitcoin.
The committee approved on Wednesday recommendations on how to apply the blockchain model elsewhere, so as to cut intermediation costs for small firms, empower citizens and enable the EU to become a global leader in this field.
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, the approved text says.
MEPs advocate applying the blockchain model to areas such as energy consumption, health care, supply chains, transport, finance and the creative industries.
Industry Committee MEPs 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.
Full news
© European Parliament
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article