Sunday, June 16, 2024

EU Unveils “Europeum” Blockchain in Effort to Decrease Reliance on US Technology

News: European Union Introduces Europeum Blockchain Initiative to Reduce Dependency on US Technology and Enhance Data Security

The European Union takes a bold step towards technological sovereignty with the establishment of a new organization, Europeum, dedicated to introducing a blockchain infrastructure. This initiative, announced during a recent telecommunications ministers’ meeting in Brussels, aims to reduce the EU’s dependence on US technology and enhance data security for its citizens and businesses.

Mathieu Michel, Belgium’s state secretary for digitalization, highlighted the impact of Europeum on individuals and businesses, emphasizing the ability to trace product origins and protect intellectual property through immutable blockchain networks. Ten EU member states have already committed to supporting Europeum, with more countries expected to join in the future.

The initiative also promotes the sovereignty of European countries by reducing reliance on external providers like Amazon Web Services for telecommunications. The Europeum blockchain infrastructure is envisioned to streamline legal processes through smart contracts and support applications such as the metaverse and the digital euro.

Support for Europeum comes from the European Commission, with the project falling under the Digital Decade Policy Programme 2030. The Consortium has a budget of €165 billion to support the development and implementation of the blockchain infrastructure. Despite being in pilot mode, the project aims to provide a secure and efficient digital infrastructure for citizens and businesses within the EU.

Overall, the launch of Europeum signifies a significant step towards enhancing data security, streamlining administrative processes, and supporting digital innovation within the EU. By creating a sovereign and secure blockchain framework, the EU is paving the way for a future of technological sovereignty and digital transformation.

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