European Union edges closer to Blockchain adoption

European Union edges closer to Blockchain adoption

By ircrp | ircrp | 13 Dec 2020


 

Blockchain the technology disrupting legacy technological solutions in terms of how we secure, transfer and deal with data & value is becoming one of the key technological advances that the European Union appears to be investing into with its launch of Pre-Commercial-Procurement (PCP) calling for tenders to register their proposals in a process which will see several suppliers compete in delivery of a project estimated to be worth 6,200,000.00 EUR.

 

  • The Pre-Commercial-Procurement (PCP) is essentially a way for a buyer (in this case the European Union) to define a project in terms of the requirements and have multiple suppliers working in parallel on delivery of the project, with the best ones only making it through.
  • The project identifies twenty distinct use cases it is aiming to deliver and is categorizing them into the following five categories
    • Financing & Procurement
    • Law & Compliance
    • Identity & Credentials
    • Distributed Registry
    • Energy & Environment

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Source: europa.eu

  • One of the highest requirements is for an ability to support SMEs (Small and medium-sized enterprises) both financially and non-financially through urgent times, with much more ease. As of today during the peak of the pandemic the current administrative burden both on EU & National/Regional levels means that support for SMEs takes a substantial amount of effort both time-wise and resource-wise. As per the documentation, the EU would ideally like to have solution which allows them to support any kind of SME with a single press of a button both financially and/or non-financially (e.g. vouchers), through the use of not only FIAT money but also tokens.
  • The delivery of the project is supposed to offer easier and less administrative reporting on companies VAT data, further driving reduction of the current administrative burden within the European Union with aim of reducing fraud and increasing the VAT transparency.
  • The other project's deliverable is expected to start revolutionize the eHealth within the European Union for its inhabitants, with the arrival of the blockchain solution doctors will be able to write a digital prescription which the patient would be able to redeem anywhere in the European Union at a local pharmacy.
  • One of the realization and perhaps slight surprise after reading the document is of the highest requirements for tokenization. Although Financing section is one of the drivers for use cases such as supporting SMAs, monitoring cross-border transactions and for AML (Anti-Money laundering), the surprising part comes from that the highest effort for tokenization is actually expected for Immigration use cases such as:
    • Allowing Immigrants to receive utility based tokens which could be exchanged at responsible authorities for food, education, shelter, etc. 
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Resources:

  1. Image source: https://bitcoinexchangeguide.com/european-union-to-grant-access-to-more-data-for-ai-and-blockchain-projects/
  2. https://etendering.ted.europa.eu/cft/cft-display.html
  3. https://ec.europa.eu/digital-single-market/en/blockchain-technologies
  4. https://ec.europa.eu/digital-single-market/events/cf/open-market-consultation-event-for-the-european-blockchain-pcp/networking.cfm
  5. https://ec.europa.eu/newsroom/dae/document.cfm

 

This article was originally published on read.cash

 

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