A strong message from the European Parliament yesterday.
EU representatives voted overwhelmingly to support Eva Kaili's 2017/2772: DLTs and Blockchains: Building Trust with Disintermediation resolution.
Distributed Ledger Technologies (DLT) and Blockchains have shown a strong potential in improving existing value chains and also create new ones that reduce intermediation costs, transactional frictions, as well as remedy trust issues, monitoring problems and transparency concerns.
The applications of blockchains are numerous. There is a wide range of sectors that can be affected. Energy grids, healthcare sector, financial sector, supply chains, transport, education, creative industries and public sector are only some of the possible cases.
To fully grasp the potential of DLTs in the spirit of technology neutrality and business model neutrality, we need to understand better its significant underlying properties such as decentralized distributed databases, disintermediation, immutability of data, permissioned and permission-less applications, as well as the technological options it opens in areas like smart contracts and SMEs funding through ICOs. DLTs, along with their potential, bring also concerns about data protection, cybersecurity, interoperability, new sources of fraud and environmental issues.
Blockchain Resolution, ITRE Committee vote (Eva Kaili 2017/2772: DLTs and Blockchains: Building Trust with Disintermediation)
Vote on DLT’s - 52 in favour 1 against, 6 abstentions
Vote on Crypto currencies - 56 in favour 3 against
Vote on ICOs - everybody in favour, ICOs Observatory proposal adopted by everybody.
Highlights the potential of DLT to improve the data efficiency and clinical trials reporting of the health sector;
Notes that DLT allows citizens to protect and own their health data, including their use with insurance companies;
Calls on the Commission to explore DLT-based use-cases in the management of health- care systems and identify standards and requirements that enable high quality data- entrances and interoperability among the DLTs;
SMEs, Technology Transfer and Financing
Welcomes the potential of DLT to disrupt existing value chains and transform business models and thus promote innovation-driven growth;
Stresses that SMEs can benefit from disintermediation by reducing transaction costs, intermediation costs and red-tape;
Notes that innovative firms and start-ups should be incentivised to create DLT-based projects; Calls on the EIB and the EIF to create funding opportunities that support DLT-based entrepreneurial endeavours to accelerate technology transfer;
Asks the Commission to promote DLT applications with Member States, create legal certainty and harmonization within the Union as well as to promote an idea of a European passport of DLT-based projects;
Underscores that Initial Coin Offerings (ICOs) have a strong potential in funding innovation and accelerate technology transfer; ICOs are a distinct asset class with strong potential; Calls on the Commission to propose a framework for ICOs;
About Eva Kaili
Eva Kaili is a Member of the European Parliament, elected in 2014. In her capacity as the Chair of the European Parliament's Science and Technology Options Assessment body (STOA) she has, been working intensively on promoting innovation as a driving force of the establishment of the European Digital Single Market. She has been particularly active in the fields of blockchain technology, m/eHealth, big data, fintech and cybersecurity.
Since her election she has also been very active in the field of taxation, where she has been the Rapporteur of the ECON committee's annual tax report. As a member of the ECON committee she has been focusing on EU's financial integration and the management of the financial crisis in the Eurozone. Prior to her position in the European Parliament, she has been elected two times in the Greek Parliament (serving between 2007-2012), with the PanHellenic Socialist Movement (PASOK). She holds a Bachelor degree in Architecture and Civil Engineering, and Postgraduate degree in European Politics. Currently, she is conducting her PhD in International Political Economy.
Source : http://www.emeeting.europarl.europa.eu/committees/agenda/201805/ITRE/ITRE(2018)0516_1/sitt-7992717