Firstly Blockchain technology has the potential to be one of the most transformative and disruptive technologies of our generation. Without a doubt, the continuing transition towards a digital economy advanced due to the COVID-19 pandemic. As Europe moves closer to achieving technological sovereignty, this technology will play an essential role in ensuring a sustainable and inclusive recovery. This article will explain about the EU way in blockchain technology.
Blockchain EU way
Meanwhile, The European Blockchain Services Infrastructure (EBSI), which aspires to be a blockchain for Europe, has made a significant contribution to the digitization of public services across Europe, marking an important step forward. The primary objective of the European Blockchain Services Infrastructure (EBSI) is to establish a network of nodes throughout. Europe in order to facilitate cross-border services among governments, businesses, and citizens like public administration.
With this initiative, the aim is to raise the efficiency and belief in EU-wide transactions. While also increasing the mobility of residents and goods. It also aims to reduce Europe’s environmental impact while maintaining compliance with EU regulations. And fostering the development of technology clusters and initiatives.
Europe runs the network’s nodes, and each member country of the European Blockchain Partnership runs a node on their own. Organized use cases include the digital management of educational credentials, the setting up of trusted digital audit trails. And data tracking and the funding of small businesses, the data exchange between authorities, and digital ID.
People who want to use EBSI want it to be a market-friendly distribute blockchain ecosystem. That uses open standards and has a precise governance model. EBSI built with a three-tier architecture that is fully distribute:
- The Core Services are a set of standard interfaces (APIs). That third-party developers can use to build applications and make sure they follow the guiding principles set out by the EBP.
- Both the blockchain and the off-chain storage protocols that EBSI supports are part of the Chain & Storage layer.
- The Infrastructure layer is what makes it possible for blockchain networks to communicate and share information.
For future EBSI evolutions, a comprehensive pre-commercial procurement process has been conducted to identify new DLT-based solutions capable of providing more customizable. Elevated, high-volume cross-border blockchain services. The goal is that such innovative solutions will enable EBSI’s future evolution. To include unique capabilities for increased speed, the volume of transactions, environmental protection, expandability, and safety.