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EU Parliament Endorses Blockchain Technology

Waving flags in front of European Parliament building

A resolution backing Blockchain Technology was passed with resounding support by the European Parliament’s Committee on Research, Industry and Energy on Wednesday.

The vote was contested by only three members, with 56 in favor.

The report outlined a policy to increase Distributed Ledger Technology in Europe and how initial coin offerings (ICOs) can help develop innovation and technological advancement in the economy. It defined requests for the European Commission to present a practical framework to integrate ICOs into the current economic structure.

Greek MEP Eva Kaili delivered the resolution, which goes on to promote the energy saving and environmentally friendly potential of blockchain-built systems. It identifies the benefits of trust relationships and mediation that facilitate peer-to-peer exchanges, empower citizens, reduce costs and challenge antiquated systems.

A key element of the report focuses on smart contracts and aims to create a mandate to improve their legal status across the EU digital market. Compliance with EU law without stifling innovation is an important factor, and the report seems to take note of the challenges required in modernizing current systems in order to facilitate this.

The committee also wants to see a plan for modernizing the public sector and a blockchain-based voting system to be used in European Parliament and elections.

The full report is available to read here.

Image From Shutterstock

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