Europe Looks to Blockchain for Sweeping Overhaul

Europe is mulling over blockchain technology to simplify bureaucratic procedures across its 27 member nations.

Starting in 2024, the European Commission will aggressively advocate for sustainable technology applications, such as distributed ledger technologies. Following this action, the Commission aims to spur innovation and encourage responsible usage.

Europe Pushes Blockchain Agenda

With this in mind, the ultimate goal is to boost administrative efficiencies, attract more businesses, and improve crisis management.

In a major step, the EU has allocated a hefty €11.2 billion for digital services and business and public administration digitization. This funding forms part of the larger €39 billion budget for the EU’s broader digital transition agenda.

Read more: The Beginners Guide To Blockchain

One primary goal is to equip EU citizens with a digital identity wallet for secure administrative data storage.

Furthermore, the European Commission is actively encouraging member states to join the European Digital Infrastructure Consortia. Essentially, these are political groups of EU countries that are committed to advancing the bloc’s digital agenda.

Read more: A Token Economy for Europe: Considering the Opportunities

Pearse O’Donohue, the director for future networks, recently announced that the EU is nearing the final stages of creating an EU-wide blockchain service infrastructure. Following this announcement, it has been clarified that public authorities will manage this infrastructure. The ultimate aim of this initiative is to unite blockchain communities across the continent.

O’Donohue said:

“We’re now in the process of finalizing an EU-wide blockchain service infrastructure which will be under the responsibility of public authorities as conveners that will bring together the blockchain communities,

Moves Will Boost Cross-Country Collaboration

The Commission recently implemented a new Communication on Enhancing the European Administrative Space (ComPAct). Indeed, this initiative suggests actions aimed at providing public administrations with the necessary tools. Consequently, they can better meet the needs of people and businesses across Europe.

See also  Bitkub Chain Unveils Roadmap to Spearhead Thailand’s Blockchain Ecosystem

The European Commission’s three stage approach to enhancing public administration.

ComPAct embodies the Commission’s thorough action plan to modernize national administrations and improve cross-country collaboration. The Commission is proposing 25 actions to strengthen public administration cooperation, enhance digital capacity, and encourage the green transformation.