European Union embraces blockchain, launches official platform to transform data management

The European Blockchain Services Infrastructure (EBSI) is establishing a publicly accessible blockchain platform in collaboration with Norway and Liechtenstein. The managed and permissioned blockchain will revolutionize data management due to its security and openness.

Distributing nodes

The new project would see Germany, Europe’s largest economy, and the Netherlands operate three and four nodes, respectively, to boost blockchain use across the European Union (EU). France and Italy, on the other hand, will each have two.

The effort, which focuses on on-chain verification of university diplomas, has already made tremendous headway. Mathieu Michel, Belgium’s Digital Minister, noted that the project is only the beginning of their efforts to promote digital inclusion throughout the EU.

Michel also emphasized the significance of trust and regulation in the blockchain ecosystem as a whole. He pointed out that cryptocurrencies are much more than just currencies. Tokens, in his opinion, can represent document ownership, credentials, and property rights while maintaining anonymity. Because the European Union (EU) presidency rotates every six months, the present holder can set and prioritize priorities. Belgium will assume the presidency of the European Union (EU) in 2024. The plan could then be implemented as a political effort.

More than a run-of-the-mill initiative

The planned blockchain platform is intended to promote openness, security, and confidence in the digital economy of the EU. Analysts concur that this endeavor is not your typical blockchain initiative. Instead, it has the potential to build a strong digital infrastructure on a continental scale.

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