The Declaration on the Establishment of a European Blockchain Partnership aims to ensure that the EU plays a leading role in the development and rollout of blockchain technologies.
In the day's activities, European ministers and representatives reiterated their commitment to complete the Digital Single Market, and agreed to work together more on AI, blockchain, e-health and innovation which are regarded as key focuses for Europe's technological future. "With VentureEU, Europe's many innovative entrepreneurs will soon get the investment they need to innovate and grow into global success stories". All member states are invited to become part of the Blockchain Partnership.
The event highlighted how blockchain will work with other next-generation technologies to create a more digitally friendly and capable Europe.
Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission's vice president, Andrus Ansip, is the latest to voice his support for the technology.
The partnership is tasked with allowing member countries to share experience and expertise in the emerging technology in order to create a path for a Digital Single Market that will benefit the private and public sectors.More news: Guardiola, Liverpool slapped with UEFA charges
Blockchain, it has been claimed, has the potential to create opportunities to enhance services in both public and private sectors, notably making better use of public sector information while preserving data integrity, and providing better control of data by citizens and organisations interacting with public administrations, reducing fraud, improving recordkeeping, access, transparency and auditability, within and across borders. Calls for the European Union to introduce collective lawsuits, a tool used extensively in U.S. litigation, had grown after Volkswagen clients were outraged to learn that the German auto giant had cheated on emissions tests.
A group of 22 European nations has formed a new blockchain partnership aimed to exchange information on the technology.
The Commission's release states that "the Partnership will contribute to the creation of an enabling environment, in full compliance with European Union laws and with clear governance models that will help services using blockchain flourish across Europe". It plans to allocate around Euro 300 million more to blockchain by 2020.
"In a globalized world where the big companies have a huge advantage over individual consumers, we need to level the odds", EU Justice Commissioner Vera Jourova said in a statement.