Progress Made: EU Countries Sign Blockchain Partnership

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Progress Made: EU Countries Sign Blockchain Partnership

The European Consumer Organisation (BEUC) said the move was long overdue but cautioned that judges and national authorities would still hold sway over what may be a laboriously lengthy process.

"Digital Day 2018 will aim to reach joint commitments related to the digital future of Europe in order to encourage investment in European digital technologies and infrastructures".

Discussions focused on how the technology can shape the future of Europe and building a strong Digital Single Market.

Ansip further said that these are "the areas where Europe is best positioned to play a leading role".

In a speech centered on digitization, a vice president of the European Commission - the executive arm of the European Union - pinpointed blockchain technology as an area that EU nations ought to be committing to. Earlier and better diagnosis of diseases, safer roads - this is only a glimpse of what embracing digital change can look like.

He added, " People are starting to feel the benefits of tearing down digital borders: the end of roaming charges and unjustified geo-blocking, portability of online content.

The proposed rules must still be approved by the European Parliament and the European Council. This is exactly the kind of cooperation that Europe needs for its digital success.

Some EU member states already allow consumers to jointly sue a company for compensation, but there is no effective EU-wide tool.

Europe wants to give consumers more legal muscle.

"Co-operation will focus on reinforcing European AI research centres, creating synergies in research and development and innovation (R&D&I) funding schemes across Europe, and exchanging views on the impact of AI on society and the economy".

22 European countries, including the United Kingdom, signed a Declaration on European Partnership on Blockchain .

As we are still members of the European Union until the Article 50 process has passed, I assume we would remain within the European Blockchain Partnership. Dombrovskis hailed blockchain technology as having the potential to be truly transformative in the financial services field.

The European Commission believes that the decentralised and collaborative nature of blockchain and its applications will allow member states to exploit the "full scale of the Digital Single Market from the outset". The cornerstone investment fund they will share is made up of €200 million from Horizon 2020's InnovFin Equity initiative, €105 million from COSME (Europe's programme for small- and medium-sized enterprises), and €105 million from the Juncker Plan's European Fund for Strategic Investments.

But the new VentureEU fund, by choosing to use professional fund of funds managers, is created to "ensure a real market approach", the commission said. This new blockchain partnership will enable each member state to work together, and facilitate the implementation and interoperability of blockchain services.

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