European Politicians Explore Web3 Blockchain for Public Services

03/13/2023 06:30 • Metaverse Matters • 119 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 European politicians are looking beyond cryptocurrency regulation to attract Web3 business, specifically considering a customized blockchain that respects privacy. Mathieu Michel, the Belgian Digital Minister, revealed in an interview on March 13 that the proposed “Europeum” blockchain could be used to record property ownership, driving license, or professional qualifications while adhering to the EU’s high regulatory standards.

This move is not surprising given the recent frauds and scandals that have plagued the crypto industry. Michel acknowledged the need to shift the focus from pure financial applications to public services and supply chain management. This highlights the potential of blockchain technology to revolutionize various aspects of society beyond finance.

The Europeum blockchain could potentially address several privacy concerns that have arisen with existing blockchain networks. The focus on privacy is particularly crucial for public services since sensitive personal data such as driving license and professional qualifications need to be protected. The ability to customize the blockchain to specific use cases would enable institutions to manage data securely without compromising privacy.

Another crucial aspect of the Europeum blockchain is its compliance with the EU’s regulatory norms. The EU has been particularly strict with data protection regulations, and any technology used for public services will have to demonstrate compliance. The Europeum blockchain could potentially provide a solution that is both effective and compliant.

Overall, the move towards a Web3 blockchain for public services is a positive development in the blockchain industry. While the focus on finance has brought much attention to the technology, the potential to revolutionize other areas such as public services and supply chain management could have an even more significant impact. The Europeum blockchain’s customization and compliance with EU regulatory norms bring hope for a more secure and efficient management of data in public services.

In summary, the Europeum blockchain can be a tool for recording property ownership as well as other personal information while adhering to the EU’s high regulatory standards. It can help to address concerns around privacy and compliance, making it an optimal solution for public services that require the management of sensitive data.

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