Malta, alongside six southern EU countries announced an agreement to help promote the use and benefits of distributed ledger technology (DLT).
The other countries which include Cyprus, Italy, France, Spain, Portugal, and Greece made this known in a joint statement on the cooperation between all countries to encourage the adoption of the technology.
#Malta 🇲🇹 leads 6 #EU🇪🇺 countries (#France 🇫🇷 #Greece 🇬🇷 #Italy 🇮🇹 #Portugal 🇵🇹 #Spain 🇪🇸 and #Cyprus 🇨🇾) in signing joint declaration on further cooperation on #DLT #Technology 🤝 Malta also to host Southern #Mediterranean Summit on #DigitalEconomy next year pic.twitter.com/Brcw99qtlE
— Government of Malta 🇲🇹 (@MaltaGov) December 4, 2018
All seven countries made their stance on the technology known, considering it an ideal policy area in the future. Distributed ledger and blockchain technology are heralded as an incredible tool that can have a widespread effect on the global economy.
According to the Digital Economy and Society Index, these countries stand to benefit tremendously from the technology, and can be at the forefront of its growth and development.
By signing this agreement on the distributed ledger technology, the countries can present a united front when seeking the expansion of their digital agendas. This united front will essentially make them leading proponents of the tech in Europe.
Distributed Ledger Technology is growing increasingly popular thanks to its possible ability to make the EU an even more democratic state.
Its technology can be deployed across multiple industries and sectors, including shipping, healthcare, property and land management, as well as education.
Here, it will increase accountability among leaders and foster transparency, while helping citizens take back control of their private information and data.
In fact, some schools in Asia and Europe are using the distributed ledger technology for education, with some of their schools increasingly deploying school certificates on the blockchain.
A recent example is India’s Jain School of Business and Governance placing new graduates’ certificates on the blockchain, essentially making it easy for prospective employers to verify their applicant’s academic claims.
All agreeing parties have a firm belief that it’s their individual country’s responsibility to promote the adoption and acceptance of blockchain among its citizens.
To that end, they have made a commitment to create and disseminate information as well as educate their citizens on the technology’s benefits and potential.
According to their joint statement,
“any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality.”
All seven countries have also agreed to meet periodically to review their progress reports, share best practices, and explore the possibilities of bilateral/multilateral blockchain projects. They also called on the European Commission to keep and further promote the European Blockchain Partnership.