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EU Outlines Blockchain Benefits in Regard to Digitization Efforts

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A recently published report hints towards the European Union’s interest in blockchain technology as a means to optimize social services digitization efforts. The report has been published by an EU agency named the European Foundation for the Improvement of Living and Working Conditions, or Eurofound. It outlines the roadmap in three main sections – Automation of Work, Digitization of processes and coordination by platforms. To achieve this, Eurofound is planning to implement cutting edge technologies like blockchain. 

Blockchain benefits as seen by Eurofound

In the report, Eurofound acknowledged the fact that blockchain instills a lot of security and transparent, while also mitigating third-party interference. It added, “Other possible benefits from this technology for the public sector are more tailored services for citizens and greater transparency and trust in governments. Identification via blockchain can be used to allocate funding and benefits in cash in a more time- and cost-efficient manner.” 

The agency further stressed on the fact that though blockchain is still in its early days, it has a lot of potential in revolutionizing the service sector by removing “intermediaries, contracts and/or verification systems.”

EU’s Digitalization Efforts

Apart from blockchain, Eurofound is also looking to implement other technologies like artificial intelligence, robots, and the Internet of Things, in its effort to digitize social services. It noted that digitization is aimed to increase cost efficiency and enable the aged to get done with their work independently from home. 

It is fair to say that blockchain technology is gaining immense momentum with organizations – both large and small actively exploring the technology in various genres – gaming, automobile, sports, etc. Last year, Jp Morgan Chase announced its upcoming blockchain-based stablecoin, JPM Coin.

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