All the plans & the measures have been called & taken care by the European Parliament (EP) to adopt the Blockchain Technology to improve & boost their trade and business across the region.
On Thursday the European Parliament’s legislative body adopted a resolution dubbed as “Blockchain: a forward-looking trade policy,”, indicating its long sighted vision for the adoption of this nascent technology improving EU trade policies, including free trade and mutual recognition agreements. As per their studies & vision, Blockchain could improve supply chain transparency, streamline trade processes, reduce costs and corruption, detect tax evasion and improve the security of data. However, the major challenge for them will be the Cybersecurity. The resolution went on to explain that, despite previous trade successes, EU free trade agreements still remain underutilized. On an average, only 67 percent of exporters and 90 percent of importers make use of the preferential tariffs in the EU and its partner nations.
The EU further stated that using Blockchain technology, traders could upload all their documents in one place, including those related to compliance, to benefit from the preferential tariffs. The technology could also help authorities to automatically get information from these parties and improve verification and trade processes. Not only the major Business hubs will be benefitting from this adoption, but small- and medium-sized enterprises could also benefit from blockchain, as it would allow better communication between parties, secure payments and simplify business through the use of smart contracts. The institution stressed the need to develop “global interoperability standards” to facilitate transactions across blockchains for smoother supply chain processes.
This will not be the limit of the adoption, it will further call on the European Commission to track ongoing global supply chain pilot projects and draft rules for blockchain’s applicability to international trade, as well as to set up an advisory committee on blockchain within the Directorate General for Trade, among other requests.
This was given a strong support by the European Parliament in a statement:
“The EU has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, together with international partners.”
The resolution marks the latest positive step toward blockchain adoption in the EU region. Earlier this month, seven southern European states – France, Italy, Spain, Malta, Cyprus, Portugal, and Spain – signed a joint declaration to promote the use of blockchain in order to transform their economies.
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