A Manifesto for Blockchain – Embracing its Potential in the European Union

by | Nov 13, 2023 | European Perspectives, news, Regulation&Taxation | 0 comments

This manifesto is our pledge to promote the use of blockchain technology for the greater benefit of all and to do so based on shared values around decentralisation, privacy, security, transparency, sustainability and legal/regulatory compliance. It was released by four leading blockchain advocacy groups in the European Union – the European Crypto Initiative, INATBA, Blockchain for Europe, and the European Blockchain Association – released a collaborative manifesto during the Blockchain for Industry Conference, organised by the EU Commission’s DG GROW. The timing is crucial considering the upcoming elections and political changes Europe will undergo in the year 2024.

📝 Join this collective vision by reading and signing our manifesto here

The European Union (EU) is at risk of falling behind North America and Asia in the global race for the future digital economy, as demonstrated by the reliance on foreign digital service providers and the limited number of unicorns and start-ups compared to its competitors. This race is characterised by the development of innovative technological advancements that bring unique opportunities, principles and embedded values. While we recognise the intrinsic value of technologies like artificial intelligence, virtual reality and robotics, we believe that blockchain will serve as the trust layer for the convergence of all these technologies, allowing them to build upon each other and form the framework of the future digital economy.

You can also download the manifesto here

A short summary of the key points we want to urge the EU to consider:

  • The EU must now increase its focus on harmonising its policies and services, promoting standardisation globally as well as internally between European states and bodies.
  • By harnessing blockchain’s potential, the EU has the opportunity to improve global trade transparency, bolster cybersecurity, and establish advanced verification systems by having trade documents and certifications of origin running on blockchain networks.
  • The EU should continue to consolidate its data economy, offering universally accessible digital services ranging from digital identities to digital assets provided by both private and public sectors. It should leverage advanced cryptographic techniques including zero-knowledge proofs – allowing the sharing of sensible data proofs while remaining compliant with privacy and AML requirements. 
  • There is an opportunity to leverage these tailwinds to reinvent our economy’s incentive structures and business models while adhering to the EU’s identity rights and values.
  • To fully leverage blockchain capabilities, it is vital to allocate dedicated funds to develop blockchain applications for the real economy, engage closely with industry participants, including Web3-native companies, advance educational initiatives to increase literacy around these technologies, and promote transparent dialogue and knowledge-sharing to fight misconceptions.

Let us all champion an EU that protects the holistic well-being of every individual and safeguards human rights and freedoms for generations to come.