EU Parliament Extols Blockchain as a revolutionary business technology

EU Parliament Touts Blockchain to ‘Empower’ Businesses and Citizens

According to the Members of the European Parliament, small businesses could benefit from using blockchain technology.

On May 16, the committee for Industry, Research, and Energy voted to recommend that small businesses look into blockchain payment systems in a move directed at alleviating some of the costs connected with third-party payment companies.

Also, as revealed by a press release, an oral question will be posed to the EU Commission about blockchain during a plenary session next month.

According to the release, the committee explicitly suggested non-monetary uses for the blockchain technology, specifying land registries, supply chain management, data controls, and in democratizing the energy market.

The committee member who reported on the meeting, Eva Kaili, said the technology is “cutting-edge,” continuing:

“Today the Industry Committee voted unanimously in favor of a forward-looking technology that we expect to improve the quality of our life, empower SMEs and change business models in most industrial sectors … and we strive to make EU the global leader in the age of the Fourth Industrial Revolution.”

The members have told the EU Commission to set regulatory guidelines for different blockchain use cases that are “technology neutral and innovation-friendly,” according to the release. They have also asked to introduce funding for rising blockchain projects in the EU long-term budget post-2020.

Kaili also noted that the European Union was starting to support blockchain adoption, stating “in the next few years we’ll have regulation, harmonization, and sandboxes.” She further said that “It’s tough to teach all politician about the blockchain technology … And the European Parliament does not have too many scientists.”