The European Parliament (EP) urged to accelerate the adoption of blockchain technology in the field of trade, as well as business, according to a new resolution.
The resolution, entitled “Blockchain: a forward-looking trade policy,” emphasizes that blockchain can improve the transparency of logistics, simplify trade processes, improve monitoring of tax evasion, and improve the security of personal data.
It also notes small and medium-sized business can also benefit from the adoption of the blockchain.
This will improve the interaction of the parties, ensuring the security of payments and simplifying the conduct of business through smart contracts.
Moreover, the resolution noted the need to create “global interoperability standards” to simplify blockchain transactions for smoother processes in the supply chain.
Earlier, European governments were pushing for a global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.
However, later it released a crypto skeptical report stating that central banks of the block should not fear digital currencies replacing fiat money any time soon. But members of the union were largely divided in their opinion of cryptocurrencies. Some see them as a threat, while others are encouraging their development in every possible way.