The European Commission is gearing up to harness the potential of blockchain to revolutionize the administrative landscape of Europe. They are on a mission to propel sustainable tech applications by 2024z
A massive €11.2 billion has been committed to fuel the digital transformation of public services and administration. This investment forms a pivotal part of the broader €39 billion budget allocated for the European Union’s digital transition.
One of the main objectives of this initiative is to provide EU citizens with a digital identity wallet. It will ensure secure storage of administrative data, and simplify bureaucratic procedures of 27 member nations.
European countries push for technological overhaul in administration
EU member states are being encouraged to unite under the European Digital Infrastructure Consortia. These coalitions are dedicated to advance the digital agenda of the EU bloc. It promotes cross-country collaboration to enhancing administrative capabilities.
As per Pearse O’Donohue, the director for future networks, the EU is in the final stages of establishing an EU-wide blockchain service infrastructure. It will be managed by public authorities.
He further claimed that primary aim is to unite blockchain communities across the continent. The initiative aims create a collaborative and efficient administrative space.
This ambitious move is set to foster cross-country collaboration and offer a streamlined approach to public administration. The recent implementation of the Communication on Enhancing the European Administrative Space (ComPAct) outlines 25 actions aimed at strengthening cooperation, enhancing digital capacity, and promoting green transformation.
Bureaucracies start adopting blockchain
Europe is not the only region embracing blockchain. Globally, healthcare systems are exploring blockchain for secure and transparent health records. It is also being used to monitor drug supply chains, ensuring the authenticity of medicines.
The United Nations is exploring blockchain in partnership with various countries . It is exploring applications to bolster humanitarian efforts, supply chain management, and identity verification.
Additionally, in July 2023, the Government Accountability Office (GAO) of U.S. released a report highlighing the potential of blockchain technology in managing programs administered by the Small Business Administration (SBA).
It underscored the benefits of blockchain in streamlining reporting, enabling secure loans, and monitoring business development. blockchain holds the potential to enhance transparency, reduce fraud, and ensure loans are used as intended by creating a secure and transparent ledger.
The potential for blockchain to revolutionize voting systems is gaining traction. Several countries, including Estonia testing blockchain-based voting solutions to enhance election integrity and accessibility.
Europe is paving the way for the blockchain revolution in public administration. The world is recognizing the potential for a more efficient, secure, and collaborative future.