Members of a European Parliament committee voted on Wednesday to recommend that small businesses look into blockchain payment systems. The positive news was reported recently by one of the leading crypto news sites.
The EU Commission’s Industry, Research, and Energy Committee specifically suggested non-monetary uses for the technology, specifying data controls and supply chain management in order for a more cost-effective way of making payments in order to democratize the energy market. The commission believes that small businesses for one could benefit from the integration of blockchain technology into the business model.
Eval Kaili, committee member believes that DLT is “cutting edge” commenting:
“Today the Industry Committee voted univocally in favor of a forward-looking technology that we expect to change the quality of our life, empower SMEs and improve business models in most industrial sectors … and we aspire to make EU the global leader in the era of the Fourth Industrial Revolution.”
The proposed model covers blockchain use in many areas:
Monitoring the origin of goods, offering greater certainty that, e.g., diamonds are ethically sourced, clothes are not made in sweatshops and a bottle of champagne comes from Champagne,
Enabling households that produce energy to exchange and consume it without the need to pay an intermediary agency, and
Creating records such as land registries, birth certificates, and business licenses, with less dependence upon lawyers, notaries and government officials.
“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 committee,” a European Sting report says.
The press release suggests that the committee called on the EU commission to start a regulatory process for various blockchain scenarios which could be deemed “ innovation-friendly and technology neutral,” and request more funding for projects from the EU.
Kaili attended the NY Blockchain Week Consensus Conference last week and commented there that the EU was in favor of Blockchain, but that education was a major issue regarding the new technology, joking that, “we don’t have too many scientists within the European Parliament”
She calls for “harmonization, sandboxes, and regulation,” over the next few years to progress the technology towards mainstream recognition.
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