EU Parliament Report Explores Blockchain’s ‘Substantial Impact’

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The EU Parliament’s in-house analysis workplace has revealed a wide-ranging new report on blockchain expertise.

Aimed at offering an academic framework for members of the EU’s legislative department, the report explores use instances together with digital currency, patent safety, e-voting and sensible contracts.

Researchers working for the EU Parliament have explored points of the tech previously. For instance, a assume tank sponsored by the Parliament analyzed how the expertise’s capability to safe knowledge may guarantee election transparency in a paper revealed in October.

That matter and others are touched upon within the new analysis paper, which tasks that blockchain may considerably affect society.

The authors write:

“Although blockchains are not the solution for every problem, and even if they will not revolutionize every aspect of our lives, they could have a substantial impact in many areas, and it is necessary to be prepared for the challenges and opportunities they present.”

The paper goes on to recommend a number of doable avenues for EU lawmakers, who final 12 months approved an EU Commission-led activity power centered on the tech. The Commission – the bloc’s govt department – has indicated just lately that it plans to ramp up blockchain R&D.

The paper encourages additional exploration right here, positing that regulators may grant authorized legitimacy to blockchain transactions – an concept that lawmakers in other parts of the world have pursued previously.

Ultimately, the paper’s authors really feel the tech may ship advantages to EU residents, even when it proves to be relevant solely in sure instances.

“While the most idealistic and revolutionary visions of blockchain development will probably remain no more than visions, even moderate implementation of blockchain may still promote some degree of redistribution and transparency,” the authors state.

Image Credit: Alexandra Lande / Shutterstock, Inc.

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