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Progress Made: EU Countries Sign Blockchain Partnership

12 April 2018

The partnership aims to establish an environment through which legal blockchain technologies can flourish throughout Europe and are already involved in projects which have seen millions of Euros invested into schemes that are now supporting the use of blockchain technology.

Blockchain technology is a system of organization of distributed databases.

European Commission (EC) vice president Andrus Ansip said that blockchain technology is one of the areas where Europe is best positioned to play a leading role. Stronger rules on the protection of personal data and the first EU-wide rules on cybersecurity will become a reality in May 2018.

All EU member states except for Croatia, Cyprus, Greece and Romania vowed to modernise national policies as part of an effort to develop large-scale AI research.

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As representatives of the European countries gather in Brussels for Digital Day 2018, 22 Member States of the European Commision (EC) have signed a declaration to establish a European Blockchain Partnership. The afternoon session was dedicated to the Blockchain Partnership Initiative.

The Partnership will also be a vehicle for co-operation amongst European countries to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.

"For the last eight years, Invest Europe has advocated using public money in new ways to bring in more private capital and facilitate the next stage of venture capital's evolution in Europe", said Michael Collins, CEO of the trade body.

Blockchain, it is suggested, makes it possible to share on-line information, agree on and record transactions in a verifiable, secure and permanent way.

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The Commission's release states that "the Partnership will contribute to the creation of an enabling environment, in full compliance with European Union laws and with clear governance models that will help services using blockchain flourish across Europe".

As the technology is already being utilized around the world in the financial sector the partnership looks forward to adapting it and integrating it for digital services that will benefit other commercial sectors in the coming years.

"In the future, all public services will use [Blockchain] technology". Around EUR 300 million more are to be allocated to blockchain by 2020.

In the United Kingdom, we are constantly faced with news of Brexit and the pressures of the European Union referendum, to be honest, it is rare that we hear of any positive movements within negotiations and deals, this one however stands out as something both important and progressive.

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Progress Made: EU Countries Sign Blockchain Partnership