The European Commission considers using blockchain technology to revamp bureaucracy in the 27-nation bloc, with plans to promote emerging technologies’ sustainable use from 2024. Streamlining administration and boosting digitalization are top priorities.
The European Commission is contemplating a blockchain-driven overhaul of the 27-nation bloc’s bureaucracy, aiming to enhance efficiency and attract business opportunities. While blockchain is among the digital technologies being considered, the Commission’s report highlights a broader goal of promoting emerging technologies from 2024.
In 2021, over half of the EU’s GDP was attributed to the public sector, making streamlining crucial. To support these efforts, the EU has earmarked €11.2 billion from its Cohesion Policy funds. This financial allocation aids in achieving 2021-2027 objectives, including digitalization, climate targets, and improving mobility. Digitalization initiatives also encompass the development of a digital identity wallet for EU citizens.
Member states are encouraged to join European Digital Infrastructure Consortia, dedicated to advancing the digital agenda. Pearse O’Donohue, director for future networks at the European Commission, announced the finalization of an EU-wide blockchain service infrastructure. Nine member states are committed to the blockchain consortium, with Belgium leading the way.