EU advisory body: vigilant blockchain is monopolized by elites

Public measures should be taken to ensure that everyone has access to the potential of the blockchain, a socio-economic pioneering infrastructure.

According to local media reports on August 1, this is the European Commission's European Economic and Social Committee (EESC) in its new report on the blockchain.


Blockchain and European epoch-making invention

The EESC said in its new report that it will encourage European institutions to actively participate in blockchain activities.

The Commission noted that the successful implementation of a new digital infrastructure based on blockchain is not purely a matter of technological development, but a “complete process of disruptive social innovation”.

Giuseppe Guerini, member of the EESC and president of Cecop-Cicopa Europe, compared the historical importance of blockchain technology with landmark inventions in continental Europe.

“We can compare the blockchain with the invention of the printing press. We know that the first printed book is the Bible. Now, imagine that if people think of the printing press as a tool that can only print the Bible, then Inaccurate because printing technology has revolutionized life in Europe."

Prevent the emergence of the "digital divide"

The EESC recognizes the widespread use of blockchains in the social enterprise sector, including donations and fundraising for NGOs; socio-economic organizational governance; digital, verifiable qualifications and diplomas; smart contract-driven IP management; telemedicine and agriculture – – This is a few examples.

However, with regard to the development of this technology, EESC's focus is on ensuring that its development is supported in a fair manner through the necessary measures. Guerini said:

"We don't want to see the digital divide causing more inequality and inequality. We don't want to see a new elite appear, and we don't want those who are familiar with new technologies to eventually exclude others from the economy and the market."

To this end, the EESC believes that the participation of civil society is essential to ensure that this decentralized technology does not lose its democratic potential. The report pointed out that given the application of the technology in different countries, it is necessary to coordinate the regulation of the industry throughout the EU.

As early as February 2018, the European Commission launched the EU Blockchain Observatory Forum, which is an important step in the EU economy's move towards the blockchain.

Prevent blockchains from being monopolized by elites? It sounds like a hint, such as Libra, which has recently been disturbed by global regulators. In the development of new technologies, because of the advantages of large enterprises in terms of capital and talents, it may indeed be a step ahead. However, given the open and transparent nature of blockchains, participation in them will not be just the so-called “elite”.