Pointing to the benefits of blockchain technology for the public interest in the EU report

Pointing to the benefits of blockchain technology for the public interest in the EU report

By ... | World of Crypto | 19 May 2020


A recent report by the Eurofound Foundation provides details on how blockchain can be effective in delivering and tracking public interest. The European Union's April 2 report covers a range of emerging technologies, such as artificial intelligence, telecommunications, and robotics. However, the author of the report specifically cites Blockchain as "a solution that can help deliver and manage public interest."
The report adds:

The use of blockchain technology in the service sector, as well as in the health and social care sector, is in its infancy. Blockchain technology has been used in the social care sector to pay benefits and monitor participation in the retirement plan.

But as the report notes, the experimental use of blockchain in the past (including a trial period in the UK) has not had a positive effect due to the costs involved. According to the Financial Times, observers have also expressed concern about the privacy of these experiments. However, the European Agency's Ministry of Labor and Retirement said in August that it was still looking to use distributed Ledger Technology (DLT) as a way to pay recipients of public services and benefits.

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