“Europeum”: A New Blockchain for EU Public Services and Compliance

03/13/2023 06:30 • Metaverse Matters • 137 views

On March 13, the Belgian Digital Minister Mathieu Michel said in an interview that after the regulation of cryptocurrency, European politicians are considering the next step of attracting Web3 business, that is, it is possible to turn the target to a customized blockchain that respects privacy. Michel said that the new “Europeum” blockchain may be a tool to record property ownership, driving license or professional qualifications, while complying with the high regulatory norms of the EU. After a series of frauds and scandals, Michel agreed to shift from the pure financial application of distributed technology to public services and supply chain management.

Belgian Digital Minister: European politicians consider establishing a “Europeum” blockchain that respects privacy

Analysis based on this information:

The Belgian Digital Minister Mathieu Michel recently announced that European politicians are looking to attract Web3 businesses by developing a customized blockchain that respects privacy. Dubbed “Europeum”, this new blockchain could be used as a tool for recording property ownership, driving license or professional qualifications while complying with the high regulatory norms of the EU. The move from purely financial applications to public services and supply chain management comes in response to a series of frauds and scandals that have plagued the cryptocurrency industry in recent years.

One of the main benefits of Europeum is that it would offer a fully compliant alternative to current blockchain applications, which are known for their lack of accountability and transparency. By providing more secure and trustworthy digital tools, the EU hopes to promote the adoption of blockchain technology in non-financial sectors, including healthcare, education, and government services.

However, the development of Europeum is not without its challenges. One of the main concerns is how to ensure that the new blockchain is compatible with existing business structures and regulatory frameworks. In addition, there are issues of interoperability with other blockchain platforms, as well as the need to develop robust security and privacy features.

Despite the challenges, Europeum represents a significant step forward in utilizing blockchain technology for public services, and it could serve as a model for other countries and regions around the world. Unlike other blockchain platforms, which are often designed for specific applications or industries, Europeum has the potential to be a flexible and adaptable tool that can be customized to meet the needs of different sectors and stakeholders.

In conclusion, Europeum represents a promising development in the field of blockchain technology, offering a compliant and secure alternative to current systems. While the challenges of developing and implementing such a complex platform are significant, the potential benefits are too great to be ignored. As the world continues to shift toward digital solutions for public services, Europeum could serve as a valuable resource for governments and businesses alike.

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