Blockchain and the EU Single Market: what next? (own-initiative opinion)

Key points

Blockchain technology contributes to achieving the Sustainable Development Goals (SDGs), empowers citizens, boosts entrepreneurship and innovation, improves mobility and cross-border opportunities for businesses while enhancing transparency for consumers. However, several challenges still remain to be addressed, in particular the urgent matter of providing legal clarity and certainty and protecting privacy.

A shared European approach is needed and the EESC therefore calls on the European Commission to launch a comprehensive blockchain initiative setting out a common EU approach and vision with SDGs at its core. This initiative should be complemented by an action plan for Europe to become the reference point for blockchain worldwide.

A European blockchain stakeholder platform should be created, bringing together representatives from the EU institutions, including the EESC and the CoR, industry, consumers, Member States and academics etc., to provide a space for joint learning and capacity-building, acting as a network of networks and sharing good practices. The EESC can take an active part in hosting such a "platform" ensuring transparency, inclusiveness, collaboration and the involvement of organised civil society.

For more information please contact the INT Section Secretariat.