NEWS

This digital technology guarantees the accuracy of internet operations, for example, with virtual currencies such as bitcoin.

The Committee of Industry of the European Parliament approved today, Wednesday, May 16, 2018, a non-binding resolution on the so-called “blockchain” technology. The resolution, drawn up by the Greek Social Democratic MEP Eva Kaili, requires "open, progressive and innovation-friendly regulation".

"We aim for the EU to lead the field of the blockchain," Kaili said in statements on the occasion of today's vote in Parliament.

SMEs and data protection

The MEP explains that there is a "strong business interest" for this technology, and advances that when legislating the parliamentary resolution advocates favoring innovation, business model neutrality and technology neutrality, as well as supporting New companies and SMEs.

"Another concern is the impact that technology could have on citizens and data privacy," Kaili acknowledges. "It is not smart to regulate technology per se, but rather its uses and the sectors that adopt this technology in their business models," he continues, and emphasizes that "consumer protection and investor protection come first."

Impact on other sectors

"Distributed accounting and blockchain technologies in general have a strong disruptive element that will affect many sectors, not just financial services," says MEP. The approved resolution also addresses the impact on the public sector, energy, medical care, education, and creative industries.

The EU has already taken some steps in this area. The European Commission launched in February 2018 the so-called "Observatory and Forum of the blockchain", which has already dedicated more than 80 million euros to projects that support the development of this technology. Another 300 million euros will go to the blockchain until 2020, according to the EC.