Despite the numerous advantages associated with the blockchain technology and its proven breakthrough in various industries globally, the EU committee still believes a proper regulation should be put in place for the technology to foster equity.
According to a plenary session held by the European Economic and Social Committee (EESC) yesterday, the EESC is optimistic that the successes recorded in the application of blockchain in cryptocurrencies like Bitcoin can also be replicated in the social, cultural, political, and economic environment.
A member of the EESC, Giuseppe Guerini, tried to make a comparison of the blockchain technology with ancient technology like the printing press.
He noted that a technology manufactured for a specific purpose might end up being useful in other sectors.
“We can draw parallels with the invention of the printing press. As we know, the first book to be printed was a bible. Now, imagine if people had equated the printing press with a means capable of printing only bibles — that would have been inaccurate because printing technology revolutionized life in Europe,” Giuseppe said.
The EU Committee made a list of possible sectors the DLT can be applied in Social economy industries including fundraising for NGOs, digitalizing government activities, citizen’s verification process, establishing smart contracts for intellectual properties, e-health care services, and safeguarding agricultural products.
Regardless of the vast role blockchain could play in the above sectors, the EESC still feels there is a need to set up a regulatory framework to prevent any form of inequality and injustice.
“We don’t want to see a digital divide that creates more inequality and injustice. We don’t want to see a new elite emerging, of people who are familiar with the new technologies and end up excluding others from the economy and the market,” says Giuseppe.
Additionally, the EESC feels these measures would ensure the result remains positive. However, the need for the involvement of civil society is essential, as it would provide the democratic potential of blockchain in various sectors.
In April, Coinfomania reported that the European Union commission launched the International Association of Trusted Blockchain Applications (INATBA) in Belgium, to encourage the unification of Blockchain developers and users.