In a bold stride towards fostering digital innovation within the European Union, Belgium takes the lead in renewing blockchain in the EU. This massive project is set to take centre stage in early 2024 during Belgium’s presidency of the European Union’s Council.

The initiative, led by the Belgian government, aims to accelerate the creation of a blockchain infrastructure across Europe and offers substantial improvements in the safe handling of official documents and the expansion of digital services across the EU.

One of the four main goals stated by Belgium’s Secretary of State for Digitization, Mathieu Michel, in a recent interview with Science|Business on November 21, is the development of a public blockchain system designed for the entire EU. This goal is the foundation of Belgium’s plan.

The project is vital to a larger plan to strengthen Europe’s digital basis. It can change the storage and verification of official documents, such as property titles and driver’s licenses.

This proposed blockchain system was first created by the European Commission in 2018, and it was initially called the European Blockchain Services Infrastructure (EBSI). The European Blockchain Partnership, which includes 27 EU member states, Norway and Liechtenstein, laid the framework. Beyond the technical sphere, Michel’s goal is to make this project into a comprehensive European undertaking that combines political and technical aspects.

Europeum: A Beneficial Decision

Belgium Takes the Lead in Renewing Blockchain in the EU

Michel’s vision has led to the introduction of “Europeum,” the rebranded and reenergized blockchain project meant to be a key instrument for EU public administration duties. Its primary responsibility is to make it easier for member nations to verify driver’s licenses and other legal papers.

Furthermore, according to Michel, the revitalized blockchain infrastructure may play a crucial part in supporting the digital infrastructure of the euro, thereby bringing in a new age for European public administration.

The choice to prioritise a public blockchain created by EU member states above private alternatives was made intentionally and with strategic intent. He emphasizes the benefits of this strategy, especially concerning security, openness, and privacy. He insists that granting citizens more control over their data through a public blockchain might empower them.

Global Cooperation and Regulatory Advancements in Belgium

Belgium Takes the Lead in Renewing Blockchain in the EU

The EU has shown much support for the Europeum project; Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg, and Romania have all agreed to participate. The project’s headquarters are in Belgium, demonstrating the country’s leadership in digital innovation inside the EU.

This project aligns with a more significant trend in the cryptocurrency and blockchain technology sectors towards regulatory unification. Forty-seven national governments promised to incorporate the Crypto-Asset Reporting Framework (CARF) into their legislative frameworks at the beginning of November.

This international standard reflects the growing importance of cryptocurrencies and blockchain technology in the global financial environment by facilitating the automatic transmission of information between tax authorities.

Belgium’s proactive decision to spearhead the blockchain project demonstrates the nation’s commitment to digital innovation and cooperation inside the EU.

Finally, the European project represents a significant advancement in the EU’s path towards a more technologically advanced and integrated future, focusing on public administration and citizen empowerment. As the project develops, it has the potential to set a new standard for cross-border collaboration and digital governance in the digital era.