The EU countries have entered into a memorandum for the promotion of the distributed ledger technology to transform their economies and making the region the leading player in the sector.
Seven EU members, France, Cyprus, Greece. Malta, Italy, Spain and Portugal, signed the document during the meeting held in Brussels on December 4.
"Following the Summits at Head of State level, we view the digital sphere as an ideal policy area to embark on further cooperation. Together, we wish to reflect on our forward-looking vision to make Southern Europe a leader on emerging technologies, such as Distributed Ledger Technologies," reads the document.
The parties believe that the blockchain technology can be the key driver for boosting performance and transparency of the state services (education, transport, medicine, customs etc.) making them more effective with increased privacy of the people.
Besides, the parties of the memorandum believe that the governments must provide the citizens with all required information about the distributed ledger or other new technologies, which entails the need for promotion of "educational programs on such technologies at all levels".
According to the memorandum, the parties will meet on a regular basis to "ensure that best practices in Distributed Ledger Technologies application are shared with each other in the context of the European Blockchain Partnership".