Good day everyone,
I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. The European Union (EU) has decided to look at making use of blockchain to improve and fix their current bureaucracy, according to a a new Commission paper.
Blockchain to Fix Bureaucracy
The European Union (EU) is planning to improve the administration processes of all its member nations by making use of digital strategies according to a new Commission paper released on the 25th of October 2023. The report has placed the digitization of processes at the top of overhauling age-long bureaucracies in its aim to achieve modern and contemporary standards for public administration.
The EU has adopted a guideline for effective networking known as the Communication on Enhancing the European Administrative Space (ComPAct). Its aim is to modernize cross-country partnerships in an aim to solve problems in the continent.
“Public administrations need to adopt digital technologies while changing the way in which they operate.”
Several experts and international organizations including the EU have long since pushed blockchain technology as a means of improving transparency in processes alongside other benefits such as cross-border payments. The technology behind cryptocurrencies is capable of providing a comprehensive regional and local public administration, which is utilised correctly, could aid and benefit citizens and “investments towards the green and digital transitions.”
The paper went on to highlight that a less bureaucratic and transparent method of administration hinged on digital technology would be capable of saving citizens within the 27 member states of the European Union billions of euros annually. The paper added:
“Today’s Communication also recognizes the pressures faced by public administrations caused by external shocks, difficulties to recruit and attract talent, and to build expertise on increasingly complex topics, such as the green and digital transitions.”
The paper didn't go as far as expressly mentioning the term blockchain technology, but the EU has remained a major supporter of the technology as a digital solution. Europe is known as one of the major leaders in terms of blockchain adoption, and its regional bloc is setting the pace for the global use of the technology. With €11.2 billion already set for investment in digital services as part of a wider €39 billion budget for a complete digital transmission, the agenda of the EU is quite clear.
A standard for implementation is a key component which needs to be set, and the Commission mentioned certain points as part of its strategy for this. Included is digital identity, data protection, interoperability, cyber security, and environmental protection.
“The European public sector is playing a trailblazing role in blockchain by building its own blockchain infrastructure. Over time, this will include interoperability with private sector platforms.”
The EU has even described a standard legal regime as something considered vital for the overall widespread adoption of blockchain in many nations. It referred to the development of the Markets in Crypto Assets (MiCA) regulations in this regards. MiCA has already landed and been considered by many quarters the first landmark effort towards global cryptocurrency regulation. These regulations look to create a uniform template to ensure a level playing field for crypto assets and the licensing of digital asset firms across the continent.
The European Commission is known to pride itself on its blockchain developments as it has increased its funding in emerging technologies by providing grants tailored to the distributed ledger technology.
Have a great day,
Peace. CryptoGod-1.
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