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European Union is planning to create a secure platform for testing new blockchain projects

Sep 29, 2020 | News
European Union is planning to create a secure platform for testing new blockchain projects

Not so long ago it became known that by 2024 the European Union plans to develop new rules for regulating everything related to cryptocurrencies. And now one of the first serious steps in this direction has become known - the creation by 2022 of a full-fledged pan-European "sandbox" with the possibility of regulation. This is a joint project of the highest executive group of the EU - the European Commission, and the countries that are members of the European Blockchain Partnership (EBP).

If everything regarding the functions and capabilities of the EC is more or less clear, then the role of EBP needs to be described in more detail. In April 2018, a number of European countries joined the alliance, the purpose of which was to actively implement blockchain technologies at all levels and in all areas of activity. Later, within this alliance, a full-fledged international network was created - European Blockchain Services Infrastructure, EBSI. In fact, it is a peer-to-peer system with a central governing body - the European Commission, and the ability to influence the "national" nodes by the member countries of this alliance. Which was soon reformed into EBP.

EBSI had many different tasks - and to carry out fast and secure cross-border cash payments, and to manage common databases for auditing various segments of the economy, and active cross-sectoral interaction. That means that they are going to transfer so well-known classical European bureaucracy to this infrastructure. In the hope that digitally, the processes will finally go the way they have to be. At the same time, in addition to regulators of varying levels of importance, EBSI also includes a number of consumer services.

And in the planned "sandbox" they will check how the new blockchain technologies will interact with the existing infrastructure. This is more secure, especially considering the problems of data portability between different projects and the possibility of containing an error in each smart contract. In fact, every project intending to join the pan-European network will have to undergo a thorough review at all levels. This is useful from a security point of view, but will slow down the speed of integration of new technologies somewhat.

Moreover, the sandbox will test how new blockchain technologies will interact with such important and conservative sectors as medicine and energy. Agree, this is the situation when it is better to exclude any possibility of error in advance.

This initiative is an extremely important step in terms of the adoption of blockchain technologies at the highest level around the world. And if the Europeans succeed, then other countries may follow their example, striving to get the best from the rapidly developing digital technologies.

Published on the EXBASE based on materials from bloomchain.ru