European Blockchain Services Infrastructure (EBSI) is launching a publicly accessible blockchain platform in partnership with Norway and Liechtenstein.
Regulated and permissioned blockchain will transform data management with its security and transparency.
LATEST: EU develops its own official blockchain. According to a minister, Belgium aims to turn the EBSI technical project into political projects during its European presidency in 2024.
— Crypto Research Group (@CRG_crypto) May 9, 2023
Allocation of nodes
To promote blockchain adoption across the European Union (EU), this new initiative will be launched by Germany, the largest economy in Europe; and the Netherlands became three and four node operators, respectively. Meanwhile, France and Italy will each have two nodes.
The initiative has made significant progress as it focuses on online verification of college certificates.
Belgium's Digital Minister Mathieu Michel said the initiative was just the beginning as they drive digital inclusion across the EU.
“The existence of a project like EBSI can be seen as the beginning of something. We might see some kind of small applications trying to create some proof of concept.”
Michel also emphasized the importance of trust and regulation within the broader blockchain ecosystem and also noted that crypto can serve more than currencies. In his view, tokens can represent document ownership, credentials and ownership, while protecting privacy.
Since the EU presidency rotates between member states every six months, the current holder can set and prioritize the agenda.
Belgium's EU presidency will begin in 2024. After that, the initiative could be implemented as a political initiative.
Not just a trivial initiative
The proposed blockchain platform is expected to promote greater transparency, security and trust in the digital economy that the EU aims to build.
Analysts agree that this project is not just another ordinary blockchain initiative. Instead, it has the potential to establish a robust digital infrastructure at the level of continents.
