Members of the European Parliament called for measures to accelerate the integration of the blockchain into the sphere of trade between the EU countries. This is stated in the relevant resolution of the representative body.
The document is called "Blockchain: a promising trade policy." It outlines possible ways to improve the effectiveness of EU trade policy, including agreements on free trade and mutual recognition.
According to representatives of the European Parliament, the blockchain can increase the level of transparency of supply chains and the efficiency of trading operations, reduce costs, counteract corruption and tax evasion, and can also increase data security. Key issues in the implementation of all these areas remain cybersecurity issues.
In addition, the blockchain improves efficiency and simplifies the process of verification of participants in trade. Small and medium-sized enterprises can also benefit from the use of new technology, which, in particular, through smart contracts increases the efficiency of business processes and security of payments.
Recall that recently seven European countries – Cyprus, France, Greece, Italy, Malta, Portugal and Spain – signed a memorandum on support and promotion of blockchain technologies.
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