European Union Establishes New Organization To Implement Blockchain Infrastructure

According to Odaily, on Tuesday, the European Union (EU) established a new organization aimed at introducing blockchain infrastructure and improving record-keeping and data transmission among its 27 member countries. This development took place during the European Council Telecommunications Ministers' meeting in Brussels, where lawmakers also approved a milestone artificial intelligence law. Belgium's Secretary of State for Digitalization, Mathieu Michel, stated that the blockchain infrastructure would impact individuals and companies. Michel spearheaded the blockchain project managed by EU countries, which he named 'Europeum'. He announced at a press conference, 'Europeum will be tangibly present in the daily lives of European citizens.' He added that this would allow citizens to trace the origins of their products and enable businesses to protect their intellectual property rights by maintaining data on the immutable blockchain network. Ten European member countries, including Italy, Poland, and Greece, have agreed to help operate and launch this EU blockchain. Other European countries will still be able to use this blockchain infrastructure. Michel added that more countries are expected to join. Currently, Germany and France have not yet committed to this arrangement, but the latter has consistently supported the project. According to Michel, this project has been under construction since 2017, and developers and companies have created a prototype that is now operational.