22 European ministers signed a declaration today on the establishment of a European Blockchain Partnership. The countries that embraced the blockchain technology include Belgium, Austria, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Luxembourg, Lithuania, Netherlands, Malta, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and UK. Additionally, members of the European Union and the European Economic Area are also invited to join the partnership.

Don & Alex Tapscott, authors of Blockchain Revolution say:

“We believe that the economy works best when it works for everyone, and this new platform is an engine of inclusion.”

The initiative’s aim was to create a more digitally strong Europe which will enable a ‘competitive and socially secure society’, and provide ‘better public services and security’. It will also promote cooperation amongst the Member States as they share their expertise, and work towards launching blockchain applications that are spread across all the countries of the European Union. The European Blockchain Partnership can help the member states and stakeholders strategize and improve the utilization and spread of the blockchain technology.

Commissioner for Digital Economy and Society, Mariya Gabriel, supported the declaration stating:

“In the future, all public services will use blockchain technology. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. The partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for citizens.”

Andrus Ansip, the Vice-President for the Digital Single Market said:

“Technologies like blockchain can help reduce costs while increasing trust, traceability and security….have huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman.”

He also says that he wants to develop and invest in the rollout of blockchain using the talent base and startups in Europe.

Furthermore, in February 2018, the European Commission had launched the EU Blockchain Observatory with an investment of EUR 80 million in projects that promoted the use of blockchain technology. The member states intend to invest EUR 300 million more by 2020, for the cause.