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Blockchain transactions are recorded by multiple users, rather than by paid - and often costly - intermediaries.
The model is currently best known for underpinning the functioning of digital currencies, such as Bitcoin. The committee approved on Wednesday recommendations on how to apply the blockchain model elsewhere, so as to cut intermediation costs for small firms, empower citizens and enable the EU to become a global leader in this field. It is not all about Bitcoin Citizens could use blockchains to gain full control of their own data and decide what to share, and small firms and innovative start-ups could use them to cut intermediation costs and ensure that transactions are executed efficiently, the approved text says.
Blockchain - How does it work?
MEPs advocate applying the blockchain model to areas such as energy consumption, health care, supply chains, transport, finance and the creative industries.
For example, the model could help to: monitor the origin of goods, offering greater certainty that, e.
Getting blockchain rules right Industry Committee MEPs call on the EU Commission to propose a regulatory approach designed to promote different uses of blockchains and other Distributed ledger technologies DLTs that is innovation-friendly and technology neutral. To ensure the sector is competitive, MEPs also ask for the post EU long-term budget Multiannual Financial Framework - MFF, currently under negotiation to include funding for blockchain-based research and projects.
Blockchain is a cutting-edge technology and we aspire to make EU the global leader in the era of the Fourth Industrial Revolution". Next steps The non-binding resolution was approved by 52 best bitcoin business to 1, with 6 abstentions.
The Industry Committee also approved an oral question to the Commission to be debated during June plenary. Background Blockchain-based transactions create fast, cheap and secure public records and can be also used for many non-financial tasks, such as casting votes in elections or proving that a document existed at a specific time.
Blockchains are particularly well suited to situations where it is necessary to know ownership histories. They also present opportunities in all kinds of public services such as health and welfare payments and, at the frontier of blockchain development, are self-executing contracts paving the way best bitcoin business companies that run themselves without human intervention.