European Parliament votes in favor of new blockchain resolution

2018/5/22 12:52:08

Blockchain and cryptocurrency have taken business and finance by storm, and the European Parliament has secured a resolution to regulate the technology.







By Sharon Harris for Born2Invest, May 22, 2018


The growth of cryptocurrencies into a mainstream investment option is certainly impressive, but the developments made by the sector’s underlying technology is not one to overlook as well. As blockchain’s influence on various industries becomes stronger, major governing bodies are now passing laws to help regulate its use.


Crowdfund Insider reported that the European Parliament’s Committee on Research, Industry and Energy has passed a blockchain resolution last May 16. The resolution garnered support from 56 members, and it received opposition from only three.


Spearheading the resolution is MEP Eva Kaili from Greece. She has been one of the prominent personalities in promoting blockchain technology. According to Open Access Government, Kaili explained to the European Parliament that its uses for each sector are what needs to be regulated and not the technology itself.


At its core, the document is in support of blockchain technology or distributed ledger technology (DLT) as it can help improve various sectors of the economy. The document also states that the quality of public services can be upgraded through the emerging technology that can help make transactions faster, cheaper, and safer. The document also lists some of the areas that blockchain can be applied to, and it includes healthcare and education, as well as creative industries, supply chains and copyrights.


The document stresses that DLT “facilitates disintermediation, improves trust between the transacting parties and allows peer-to-peer exchange of value that can empower citizens, disrupt legacy models, improve services and reduce costs” in the said sectors.


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