Six EU Members Create Distributed Ledger Technology Agreement

On December 4th at a Brussels meeting, the Southern European nations of Cyprus, France, , Greece, Italy, Malta, Portugal and Spain authored a  joint agreement of cooperation regarding distributed ledger technology (DLT).

The “digital sphere is an ideal policy area to embark on further cooperation … [and that they aim to make] Southern Europe a leader on emerging technologies, such as Distributed Ledger Technologies,” stated the ministers in a joint-statement the six European Union member states.

The six countries will also focus on technologies including artificial intelligence, Internet of Things, the 5G communications standard, three other technologies that they seem as having a transformative potential on world economies.

“We see Distributed Ledger Technologies as being a potential game changer using – inter alia smart contracts in areas such as certifying product origin, education, transport, mobility, shipping, land registry, customs, company registry, and healthcare amongst others to transform the way that such services are delivered.”

The six nations view DLT as a way to continue “democratization of the European economic model” and say that “use of such a technology may lead to more cooperation in the Mediterranean basin.” The group plans to pursue the technology to improve government services by enhancing transparency, creating more efficient administrative processes, improving customs collection and easing access to public information. It also noted that DLT technologies promote privacy while “empowering citizens to be in control of their own personal data.”

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