Four major blockchain companies have formed a “Blockchain for Europe” Association in a bid to promote the understanding and proactive regulation of blockchain across the continent.
Four major blockchain companies have formed a “Blockchain for Europe” Association, according to a press release Dec. 5. The association seeks to promote the understanding and proactive regulation of blockchain and other distributed ledger (DLT) technologies across the continent.
The four participant companies are Ripple, the NEM Foundation, Emurgo – which supports commercial ventures based on the Cardano blockchain – and “smart ledger” development firm Fetch.AI. The firms have outlined the Association’s aim as addressing the European Union's “fragmented” policy debate around blockchain, which they claim is skewed by “inconsistent” information from those outside the emerging sector.
In a bid to improve upon the current state of affairs, the newly-formed association will aim to educate those in EU and member state institutions about the technology’s potential. It will also advocate for future “smart” regulation that will be conducive to innovation and help the continent “shape the global agenda” on blockchain.
On Nov. 27, the Association hosted a Blockchain for Europe Summit at the European Parliament (EP) in Brussels, together with the four largest EP groups: The European People's Party group (EPP), The Alliance of Liberals and Democrats for Europe (ALDE), European Conservatives and Reformists (ECR), and The Progressive Alliance of Socialists and Democrats (S&D).
The international conference addressed blockchain’s potential across multiple sectors and use cases, including governance, healthcare, transport, trade, identity, financial market infrastructure and tokens/cryptocurrencies.
Earlier this fall, Italy became the most recent EU member state to join another regional industry group, the European Blockchain Partnership, whose members include the U.K., France, Germany, Sweden, the Netherlands and Ireland. The Partnership has declared its aim as being “the establishment of a European Blockchain Services Infrastructure (EBSI) that will support the delivery of cross-border digital public services, with the highest standards of security and privacy."