EU embraces blockchain, launches official platform to transform data management

Blockchain

The European Blockchain Services Infrastructure (EBSI) is launching a publicly accessible blockchain platform in collaboration with Norway and Liechtenstein.

The regulated and permissioned blockchain will transform data management with its security and transparency.

Distributing nodes

To promote blockchain adoption across the European Union (EU), the new initiative will see Germany, the largest economy in Europe; and Netherlands operate three and four nodes, respectively. Meanwhile, France and Italy will each have two.

The initiative has already made significant progress as it focuses on on-chain verification of university certificates.

Belgium’s Digital Minister Mathieu Michel said the initiative is only the beginning as they drive to promote digital inclusion across the EU.

“EBSI is a project which exists right now, but that’s the beginning of something. There are some kinds of tiny applications trying to make some proof of concept.”

Michel also emphasized the importance of trust and regulation in the broader blockchain ecosystem. He noted that cryptocurrencies serve much more than been currencies. In his view, tokens can represent document ownership, credentials, and property rights, while also protecting privacy.

Since the EU presidency rotates among member states every six months, the current holder can establish and prioritize agendas.

Belgium’s EU presidency will start in 2024. Then, the initiative may be put into play as a political initiative.

More than a run-of-the-mill initiative

The proposed blockchain platform is expected to foster greater transparency, security, and trust in the digital economy the EU aims to build.

Analysts agree that this project is not just another run-of-the-mill blockchain initiative. Instead, it has the potential to establish a robust digital infrastructure at a continental level.