The European Parliament has decide to boost blockchain adoptions for it future trading deals and business all across the regions.
During Thursday, the legislative body became resolute with its adoption, calling it “Blockchain: a forward-looking trade policy,” the technology will help vastly improve the EU trade policies, including free trade and mutual recognition agreements.
According tot he EP, Blockchain could be capable of improving its supply chain transparency, streamline trade process, reduce costs and corruption, detect tax evasion and improve the security of data. Furthermore, despite previous trade success, EU free trade agreements will remain underutilized. Only up to 67% of exporters and 90% of imports make use of the preferential tariffs in the EU and its partner nations.
By utilizing blockchain technology, traders will now be capable of uploading documents from one place to another, these include those related to compliance, to benefit from te preferential tariffs. Blockchain could also help authorities to automatically gain information from these parties and improve verification and trade process.
This recent resolution has also set out to remind the EU Commission that it,
“has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, together with international partners.”
With the mass adoption of blockchain technology by the EU for its various dealings among each other, its going to be quite interesting to witness the application utilized for bureaucracy. The questions is, will the EU Actually follow through with their recent amendment or will it continue to fumble apart.
How well do you think blockchain tech will improve the EU?
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