22-Member Blockchain Coalition Formed in Europe

Apr 12, 2018 at 0:12

The European Commission (EC) said that a declaration has been signed to form a European Blockchain Partnership composed of 22 member countries.

According to a press release from the group, participating nations include Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

The statement added that the number of participants is expected to further grow as other members of the European Union and the European Economic Area were also invited to be part of the coalition.

In the press release, EC described the partnership to be a “vehicle for cooperation among member states 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.”

On the other hand, EC commissioner for digital economy and society, Mariya Gabriel expressed that the partnership is beneficial as the potential of Blockchain technology continues to be integrated into various industries.

“In the future, all public services will use the technology. Blockchain is a great opportunity for Europe and member states to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies,” she explained.

Furthermore, EC claimed that the partnership will also “contribute to the creation of an enabling environment, in full compliance with EU laws and with clear governance models that will help services using Blockchain flourish across Europe.”

Last month, the group announced its plan to release an EU-wide fintech and Blockchain framework as it has already invested more than 80 million euros ($98 million) in Blockchain-related projects, with around 300 million euros ($371 million) to be allotted for Blockchain development by 2020.