The Parliament’s office for scientific and technological issues (STOA) joined forces with the European Commission and hosted a workshop on blockchain technology.  This new digital storage system could change our lives, or at least, the way we do transactions.

data protection

copyright

technology

economic policy

DSM (Digital Single Market)

TTIP

Blockchain: the future of digital transactions

these are the benefits of blockchain technology,

a new digital storage system that could change our lives.

Blockchain technology is met with very high public interest,

as seen in this workshop organised by Parliament's office

for assessing scientific and technological developments.##@#

What can change our lives is a life where transactions

or contracts can happen without intermediaries.

I think this could actually be a revolution

because it creates a whole new way of thinking about trust.

I think if you ask citizens if they trust the banks or if they trust the governments,

I don't think you would get a lot of positive answers.

There is a chain of users who transact with each other.

Each transaction is recorded, and this is called a block.

What makes this unique is that the entire ledger

who validate the transactions themselves.

But the areas where blockchain could be used are countless.

This means you don't need the intermediaries

and you are not scared that one day your papers, or your ownership, might change.

to make a contract that you know is valid, nobody can alter it.

We can also talk about exchange of energy.

You don't just exchange coins, but also values

MEPs are closely following this new technology.

Their goal: to create a legislative framework without stifling innovation.