- Pearse O’Donohue confirmed the bloc’s plans to develop a digital ledger to assist individuals in managing their identities, records, and various public services.
- Belgium and eight other nations have pledged commitment to creating a new political entity to oversee the development.
Will The Crypto Industry Be Able to Build a 450 Million Blockchain?
A top European Union representative expressed the bloc’s dedication to developing a blockchain platform to serve its 450 million citizens.
While Brussels backs this policy direction, the responsibility of the actual development rests significantly on the shoulders of the blockchain community, said Pearse O’Donohue.
He is the director for the future networks at the European Commission’s communications, content, and technology division.
During a keynote speech at a blockchain conference in Brussels, O’Donohue emphasized, “It’s time to raise the bar. We envision the European blockchain domain to be at the forefront.
Blockchain Push In The EU
The European Commission, the governing body of the 27-member European Union, is on the cusp of initiating a blockchain alliance.
This alliance aims to create a digital ledger dedicated to public utilities such as digital IDs, licenses, and records.
O’Donohue remarked, “We are close to rolling out an EU-spanning blockchain service structure. This will be anchored by public authorities, fusing the blockchain communities.”
Amidst increasing regulations on crypto in the US, Brussels’ move hints at rising global competition in blockchain development.
Earlier, many highlighted China’s intent to unveil its blockchain system in sync with its Belt and Road Initiative.
The EU’s blockchain endeavor is set to kick off in October, with Belgium taking the lead among nine participating nations, according to O’Donohue.
Future Prospects For Crypto Technology
Belgium’s Digitalisation State Secretary, Mathieu Michel, highlighted the need for a shared blockchain framework.
A unified blockchain infrastructure is essential for groundbreaking applications, like translating laws into smart contracts or other future innovations.”Mathieu Michel, Belgium’s Digitalisation State Secretary
In one of his summer interviews, Michel shared his plans to champion the blockchain cause during Belgium’s upcoming six-month European Council presidency in January.
He emphasized, “Our aim isn’t just technical; it’s fundamentally political.”
Michel also mentioned that Slovenia, Portugal, Croatia, Italy, and Poland joined the blockchain alliance in July.
The ultimate goal is to have every EU member participate in this initiative, each operating at least one blockchain node.
O’Donohue clarified their approach: “Our intention isn’t to overturn existing systems with blockchain, but to streamline them by removing middlemen.”
Do you think Europe will become the biggest crypto hub in the world? With these kinds of initiatives and regulations like MiCA, the oldest civilization in the world can make it possible…