Digital innovation is growing at an exponential pace and it can have positive but also negative effects on society. Socialists and Democrats in the European Parliament want to make sure that progressive EU policies ensure the best possible use of new technologies for the benefit of the many.
Today, the plenary backed a resolution drafted by S&D MEP Eva Kaili calling for an EU policy to develop blockchain technology. This technology allows for public records to be used and shared simultaneously, thus making intermediaries redundant. It has a strong potential to disrupt existing value chains and business models in a wide range of sectors including energy, health care, copyrights, supply chains, creative industries and the financial sector.
Eva Kaili said:
"With blockchain we remove frictions and transaction costs and hidden fees that occur from traditional intermediaries. Blockchain is a forward looking technology that reinvents the concept of trust through disintermediation. This opens a wide range of options for start-ups and SMEs by removing entry barriers as well as improves the public sector services for the citizens.
"We took the initiative to promote this resolution to provide the framework of legal certainty around this ground-breaking technology. While being cautious of the risks associated with the technology, we want to make sure that EU will be the global leader in the second machine age just like the US was the pioneer of the internet era. This is why we also stressed the importance of this technology and signalled the need for funding for blockchain projects."