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Blockchain, Featured

Belgium Wants to Speed up EU Blockchain Infrastructure

The Belgian government wants to speed up the development of EU blockchain infrastructure in early 2024. The infrastructure will help facilitate the safe storage of official documents such as property titles and licenses. According to the Belgian State Secretary for Digitization Mathieu Michel, building a blockchain infrastructure is one of his four priorities. The other three priorities are concentrating on online anonymity, digital economy skills, and artificial intelligence.

Belgium’s EU Blockchain Infrastructure is Innovative

The EU Blockchain proposals are innovative. This is because the Belgian minister Mathieu Michel has stated that “convergence is the answer if you want to be sovereign”. Many countries are using blockchain-based applications and it will be a great idea to build an innovative infrastructure that will be common for all. The minister also wants to reboot the European Blockchain Services Infrastructure (EBSI) project created by the European Commission. Liechtenstein, Norway, and 27 EU member states will join hands with the European Blockchain partnership.

Potential Advantages of Transnational Blockchain Infrastructure

Transnational Blockchain Infrastructure is full of potential advantages. The Belgian Minister for Digitization Mathieu Michel has roughly stated some of these in his press conference. 

Self-learnt skills

The European workforce does not have the necessary skills to benefit from AI. The minister believes that there are many unrecognized and relevant skills. This is why Belgium will promote self-learned skills such as learning C++. He also stated that “thinking innovation requires only diplomas is a mistake”. This proposed system may be based on PIX which is an online platform. It will help in developing, assessing, and certifying digital skills. Furthermore, the minister also said that since innovation is evolving rapidly, as a result, one needs to acquire new skills even after having a diploma.  

Formation of European Algorithm Agency

Mathieu Michel wants to build a “European Algorithms Agency” that will ensure that the European Union will tackle the risks associated with AI and simultaneously reap its benefits. However, the agency will not be a regulatory body. It will be like a knowledge center advising people and alerting them of potential risks. 

The agency will have many expert staff and facilities for both private and public cooperation. Governments will work with big tech companies for innovations in infrastructure. The states will collaborate with big tech companies to identify and minimize risks. Apparently, the agency will assist them in the process. The AI Act may adversely affect the creativity of many new business ventures. This is the reason debates are going on about the approach to tackle AI models. 

Protects anonymity online

A good blockchain infrastructure may have the potential to protect online anonymity. The Belgian minister wants Europe to resist fake online profiles. This infrastructure may make the usage of the internet more responsible and safer. Blockchain can also strengthen the public verification system based on IDs. The minister in this regard, further stated “that there will be three important phases in the digital world”. The first phase will include infusing anonymity on the internet, followed by enforcing the Digital Markets Act. In this act, the platforms shall be responsible and in the last phase, the user’s responsibility will be the prime focus. 

Countries that form EU Blockchain Partnership

There are 21 EU member states that are part of the EU Blockchain partnership. These include Bulgaria, Czech Republic, France, Ireland, Lithuania, Poland, Netherlands, UK etc. This declaration was launched at the Digital Day 2018. All these countries might need to revise their policies once blockchain partnership becomes a reality. 

Also Read- The Usefulness of Crypto Payment Gateways for Enhancing Business Profits

Final Thoughts

The EU Blockchain Infrastructure is certainly going to bring landmark changes in many sectors of the world economy. Record keeping may dramatically improve if the proposals of the minister become a reality. It seems that the hurdles in implementing these steps may fade away to strengthen blockchain partnerships. However, political conflicts among EU countries may cause delays in implementation. 

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