Leaders in Europe are fully aware of blockchain technology‘s potential and are showcasing Europe as a leader in blockchain adoption. The old continent has so far outpaced the U.S. and Asia in adopting the disruptive distributed ledger technology.
In the near future, seven southern EU countries namely France, Italy, Spain, Malta, Cyprus, Portugal and Greece will collaborate to implement blockchain technology in education, transport, mobility, shipping, land registry, customers, company registry, and healthcare. These nations have established a group called the “Mediterranean seven” for the promotion of Distributed Ledger Technology (DLT).
As per financial times declaration, “This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.”
In referring to the formation of the Mediterranean seven, the European nations have followed the call of the ‘G20’; a forum of government officials that represent 20 of the largest economies in the world, to monitor and regulate cryptocurrencies as an asset class and the market surrounding it.
Malta’s innovation minister Silvio Schembri, the man who has played a crucial role in transforming Malta to the ‘Blockchain Island’ said, “Malta is the first world legislator to offer a regulatory environment for all blockchain technology. We are not only interested in cryptocurrencies.”
Striving to turn the Mediterranean nation into ‘Blockchain Island’, the government is opening its doors to blockchain technology with the dedication of uniting to create a blockchain services infrastructure that will nurture, support, and encourage industrial development is an exciting step towards the mainstream adoption and usage of blockchain technology across the EU region.
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