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European Commission: EU Countries Sign Declaration on Blockhain Partnership

European Commission: EU Countries Sign Declaration on Blockhain Partnership

Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission's vice president, Andrus Ansip, is the latest to voice his support for the technology.

The European Commission also launched the EU Blockchain Observatory and Forum in February 2018 and has already invested more than Euro 80 million in projects supporting the use of blockchain in technical and societal areas.

Blockchain technology is a system of organization of distributed databases.

Digital Day 2018 was held yesterday, and the European Commission lead the signing of a Declaration which constructs a European blockchain partnership made up of 22 European countries.

"For the Digital Single Market to work for people and business, to advance on our digital priorities, to make sure that Europe is a world digital leader: we need hard cash".

As we are still members of the European Union until the Article 50 process has passed, I assume we would remain within the European Blockchain Partnership. This new blockchain partnership will enable each member state to work together, and facilitate the implementation and interoperability of blockchain services.

Separately, the European Commission is proposing EU-wide fines of up to 4 percent of a company's annual turnover in each member state for firms found guilty of widespread infringements.

According to the press release, this is a landmark partnership as it will be a "vehicle for cooperation amongst member states to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide [Blockchain] applications across the Digital Single Market for the benefit of the public and private sectors". It plans to allocate around Euro 300 million more to blockchain by 2020.

The proposal follows a European Citizens' Initiative, which had been signed by more than 1 million EU citizens, calling on the European Union to ban the controversial weed killer glyphosate.

Sharing more genomic data will improve understanding and prevention of disease, allowing for more personalised treatments (and targeted drug prescription), in particular for rare diseases, cancer and brain related diseases. "It adds to data capabilities of the European Reference Networks, who started clinical treatment and research of rare diseases towards the end of previous year, and improves clinical trials". United States companies do have access to investment because there are more investment funds out there.


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