The European Parliament has adopted a non-legislative Resolution citing the benefits of distributed ledger technologies (DLT) and calling on the Commission to develop a comprehensive legal framework to support their development.
The resolution highlights beneficial use-cases for DLT, including:
- reporting on clinical health trials.
- mobility and logistics, registration of vehicles, verification of driving distances, smart insurance and charging of electric vehicles.
- verification of academic qualifications, encrypted educational certification (e.g. ‘blockcerts’).
- improving supply chains, such as monitoring of origin of goods for consumer protection.
- allowing households to produce and exchange alternative energy.
- Tracking, management and protection of intellectual property rights/licensing.
- financial intermediation and reducing transaction costs.
- control over personal data management and data sharing.
- reducing administrative burdens in the public sector.
The Resolution calls for the European Commission to develop a European legal framework to, for example:
- solve any jurisdictional problems in dealing with fraud and crime; explore the potential of smart contracts;
- raise awareness of DLTs;
- monitor technological developments (such as quantum computing), assess technological risks, support resilience to a cyberattack or a system breakdown; and
- bridge the digital divide among various member states.
Despite the diverse range of opinions that exists when it comes to crypto regulations among EU politicians, Digital Single Market Commissioner Andrus Ansip said he was pleased to see that the EU Commission was engaged with the development of the technology, saying about blockchain that it “cannot be overlooked.”