Blockchain and Web3 Strategy | Shaping Europe’s Digital Future
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Shaping Europe’s Digital Future
Blockchain and Web3 Strategy
The EU aims to be a leader in blockchain and web3 technology, fostering innovation and cultivating a thriving ecosystem of platforms, applications, and companies.
Digital Explorers: Blockchain – What’s in it for You?
Blockchain/web3 technology enables secure and transparent data sharing and transactions among entities, even if they lack mutual trust. By enhancing data trust, blockchain has the potential to revolutionize online information exchange.
The Commission's strategy promotes blockchain/web3 development in key areas while adhering to European values and regulations:
- Enhanced Trust Services: Blockchain solutions are gaining traction through various pilot projects. The Commission supports policy, legal, regulatory, and funding initiatives in this sector.
- Environmental Sustainability: Blockchain technology should be energy-efficient and sustainable.
- Data Protection: Blockchain must comply with the EU's stringent data protection and privacy laws.
- Digital Identity: Blockchain can enhance digital identity frameworks, contributing to the EUDI framework and other authentication needs.
- Cybersecurity: Blockchain technology offers robust cybersecurity features.
- Interoperability: For blockchain and Web3 to thrive, they must be interoperable with each other and existing systems.
Commission Actions
The Commission is actively involved in:
- Supporting Infrastructure: The European public sector is developing the European Blockchain Services Infrastructure (EBSI), initially through the European Blockchain Partnership involving all 27 EU countries, Norway, Liechtenstein, and the Commission.
- Legal and Policy Initiatives: Recognizing the importance of legal certainty, the Commission is introducing regulatory measures to guide blockchain-based applications.
On May 21, 2024, the Commission established EUROPEUM-EDIC, a legal entity created by a consortium of 10 Member States, to further develop and expand the EBSI. EUROPEUM-EDIC will also support cross-border collaboration among public authorities on Web3 and decentralized technologies.