{"id":87748,"date":"2023-11-22T22:27:02","date_gmt":"2023-11-23T03:27:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/belgium-moves-to-accelerate-eu-blockchain-infrastructure-project\/"},"modified":"2023-11-22T22:27:06","modified_gmt":"2023-11-23T03:27:06","slug":"belgium-moves-to-accelerate-eu-blockchain-infrastructure-project","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87748","title":{"rendered":"Belgium Moves to Accelerate EU Blockchain Infrastructure Project"},"content":{"rendered":"<div>\n<figure id=\"attachment_135290\" aria-describedby=\"caption-attachment-135290\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-135290\" class=\"wp-caption-text\"><em>Source: Pixabay<\/em><\/figcaption><\/figure>\n<p>The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its Council of the European Union presidency in early 2024.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Belgium to focus on a public sector European <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#blockchain<\/a> during its EU presidency<\/p>\n<p>The country will promote development of a transnational blockchain infrastructure for the storage and management of official documents, minister for digitisation Mathieu Michel tells\u2026<\/p>\n<p>\u2014 Dr Martin Hiesboeck (@MHiesboeck) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/MHiesboeck\/status\/1727037504379900358?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p>\n<\/blockquote>\n<p>Mathieu Michel, Belgium\u2019s Minister of State for Digitalization, shared with Science|Business media on November 21 the four key objectives the country aims to accomplish during its upcoming presidency.<\/p>\n<p>These goals include establishing a public blockchain for pan-European Union infrastructure and initiatives to address challenges related to the digital economy, online anonymity, and artificial intelligence (AI).<\/p>\n<p>Michel highlighted the idea of building innovative blockchain applications on a common infrastructure overseen by the government, considering the growing number of countries exploring blockchain-based applications.<\/p>\n<p>The Minister of Digitalization also proposed a strategic overhaul of the European Blockchain Services Infrastructure (EBSI) project, which was established by the European Commission in 2018.<\/p>\n<p>The project collaborated with the European Blockchain partnership of 27 EU member states, including Liechtenstein and Norway.<\/p>\n<p>The proposed revival would see EBSI renamed \u2018Europeum and structured as the European Digital Infrastructure Consortium (EDIC), a legal framework established in December 2022 to enable member states to implement projects.<\/p>\n<p>If implemented, Europeum would serve various purposes in public administration, such as enabling the recognition of driving licenses and other documents across the EU member states.<\/p>\n<p>Additionally, it could streamline procedures like VAT declarations. The infrastructure might also support applications like the digital euro.<\/p>\n<p>Furthermore, Michel noted that creating a public blockchain for pan-EU use goes beyond a technical project; it should be treated as a European and political initiative.<\/p>\n<p>This implies that the initiative involves not only technical aspects but also requires collaboration and commitment on a political level, emphasizing the need for coordinated efforts and support from various European stakeholders.<\/p>\n<h2>EU Blockchain Project Is an Alternative to Private Chains<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The Minister of Digitalization emphasized the endless possibilities an EU-enabled blockchain infrastructure could bring, particularly in terms of security and transparency.<\/p>\n<p>He referenced the fundamental concept of blockchain technology, noting how data are held in sequential blocks and linked securely to each other in a blockchain network.<\/p>\n<p>Once recorded in a block, data cannot be retroactively changed without altering all subsequent blocks. This inherent immutability makes it challenging for anyone, including hackers, to tamper with recorded information.<\/p>\n<p>Michel noted that the unique blockchain structure underscores the security the proposed EU blockchain project embeds, making it preferable to private alternatives.<\/p>\n<p>Apart from the proposed project integration of blockchain technology, it integrates mechanisms to prevent accidental changes to data by regular users.<\/p>\n<blockquote>\n<p>\u201cIn terms of security, transparency, and privacy, the blockchain can give control back to the citizens of the data that belongs to them,\u201d the Minister said.<\/p>\n<\/blockquote>\n<p>However, this is not possible on private blockchains, which are merged with servers outside the EU and often deployed to follow principles of data transparency, which often bring about privacy concerns.<\/p>\n<p>At press time, Romania, Italy, Croatia, Poland, Portugal, Slovenia, and Luxembourg have officially approved or ratified a European plan related to cryptocurrencies and blockchain.<\/p>\n<p>The project\u2019s headquarters will be situated in Belgium, signaling collaborative efforts among these nations to establish unified regulations for the emerging digital asset and blockchain space.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/belgium-moves-to-accelerate-eu-blockchain-infrastructure-project.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its Council of the European Union presidency in early 2024. Belgium to focus on a public sector European #blockchain during its EU presidency The country will promote development of a transnational blockchain infrastructure for the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Belgium Moves to Accelerate EU Blockchain Infrastructure Project | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its\" \/>\n<meta name=\"robots\" content=\"index, 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