The European Commission is preparing to implement regulations that will help fully use the potential of blockchain technology and cryptocurrencies. EU officials are working on legal solutions that will make cryptocurrencies a full-fledged financial instrument accepted in all member states. Blockchain, however, is also waiting for use in many other industries.
“There is great potential in Poland to develop blockchain in public administration. The process of its development in public administration will now accelerate thanks to an initiative by the European Union. At this point, nodes of the European blockchain network are being implemented in Poland and prototypes, pilot projects, and small blockchain networks are starting to be made in various ministries,” Jordi Mongay Batalla, PhD. Eng., prof. Of the Faculty of Electronics and Information Technology of the Warsaw University of Technology, said.
Already at the beginning of 2018, the European Commission became interested in supporting solutions in the field of blockchain technology by launching the EU Blockchain Observatory and Forum. The new body was to support innovative projects operating within this technology and determine the future of the development of this promising market.
Currently, work on regulating this sector of the EU economy is heading towards launching a blockchain regulatory sandbox. The Commission, in cooperation with the European Blockchain Partnership, wants to create a pan-European sandbox by 2022, which will help promote and implement new blockchain technologies on the local market.
“The European Commission is trying to create a common blockchain network of the Member States, e.g. to exchange information about diplomas at universities. Different blockchain nodes are then created in each country and this network is managed in all countries, not centrally, but management is shared jointly in each Member State,” Batalla explained.