Mediterranean Seven, A group of seven European Union members who seek to improve the state of Blockchain adoption in Southern Europe. France, Italy, Spain, Malta, Cyprus, Greece, and Portugal signed a joint declaration stating the partnership in Brussels on Tuesday.
Europe to have a Potential Growth
The Revolutionary technology Blockchain is going to be one of the Governing technologies in the group of other technologies consisting of 5G Network, Internet of Things and Artificial Intelligence as stated in the detailed document.
The Digital Economy and the Social Index proves that the Southern European Union has an enormous potential for growth in the Digital sector.
“We believe that Distributed Ledger Technologies could be one of the instruments that can help our countries transform their economies and society into truly digital ones and become a leading region in this sector;”
The Distributed Ledger Technology can result in Democratization of the European Economic model, and use of such technologies would lead to further cooperation in the Mediterranean basin.
Enhanced e-Government capabilities
The Group is set to extend the use of Blockchain in inter alia smart contracts in areas such as certifying product origin, education, transport, mobility, shipping, land registry, customs, company registry, and healthcare and many more applications, this will transform the way the services are delivered in these sectors. It’s just not about the service, but it can be the driving agent for enhancing the e-government capabilities and reduced administrative burden, leading to better custom collections and better access to public information.
“We believe that it is a responsibility of the governments to ensure that their citizens fully understand the potential of emerging technologies and therefore promote and encourage educational programs on such technologies at all levels;”
Considering the potential areas of Blockchain applications and its decentralised and democratic nature, the legislation will take into account the decentralised nature of the Technology and will execute this technology to see the further adoption potential in various other sectors.
The Group seeks the partnership of European commission to work with them as has already been formulated as the European Blockchain Partnership.
The future of Blockchain in Europe integrated with the support of European commission seems to be a cake walk. What do you think about it. Let us know in the comment section below.