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The EU’s European Parliament today published a provisional resolution titled ‘Blockchain: a forward-looking trade policy,’ which suggests they are looking to adopt blockchain technology for the EU’s trade infrastructure.
The resolution notes that blockchain could take economic advantage of the free trade agreements which unite all the member nations of the EU, stating, ‘EU FTAs have large untapped potential and have yet to be fully utilised… blockchain has the potential to support the TSD agenda by providing trust in the provenance of raw materials and goods, transparent production processes and supply chains.’
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The resolution makes no permanent policy changes, but rather urges the creation of a ‘set of guiding principles for blockchain application to international trade, in order to provide industry and customs and regulatory authorities with a sufficient level of legal certainty that encourages the use of blockchain and innovation in this area,’ a clear next step in an economy which increasingly looks to blockchain as a technology which not only could increase economic efficiency and connectivity, but which exists in a legally unclear space.
While the referendum mainly speaks to the legality of private blockchains, those used in supply-side and infrastructure logistics, the legal clarity of blockchains and DLT is a necessary step towards the adoption of crypto and crypto markets in Europe and beyond.