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.”

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.