Belgian Digital Minister: European politicians consider establishing a “Europeum” blockchain that respects privacy

On March 13, the Belgian Digital Minister Mathieu Michel said in an interview that after the regulation of cryptocurrency, European politicians are considering the next step of attracting Web3 business, that is, it is possible to turn the target to a customized blockchain that respects privacy. Michel said that the new “Europeum” blockchain may be a tool to record property ownership, driving license or professional qualifications, while complying with the high regulatory norms of the EU. After a series of frauds and scandals, Michel agreed to shift from the pure financial application of distributed technology to public services and supply chain management.

Interpretation of this information:

Belgian Digital Minister, Mathieu Michel, recently stated in an interview that European politicians are considering the next step in attracting Web3 business, which involves potentially turning towards a customized blockchain respecting privacy. Referred to as “Europeum,” Michel believes this blockchain could serve as a tool to record property ownership, driving licenses and professional qualifications while adhering to the EU’s high regulatory norms.

Since the financial application of distributed technology has been associated with a series of frauds and scandals, Michel is advocating for the shift towards public services and supply chain management. Policy makers have been exploring the possibilities of customized blockchain to ensure data privacy and security, while maintaining adherence to stringent regulatory standards.

The European Union’s General Data Protection Regulation (GDPR) set a precedent for data protection, which has been adopted and enforced by other countries worldwide. As such, compliance with such standards is crucial to maintaining a good reputation and avoiding legal repercussions. Moreover, maintaining data privacy is critical to the success of blockchain technology as it is seen as a way to decentralize data storage, thus making it more secure and preventing unauthorized or malicious access.

With Europeum, the focus is on using blockchain technology to ensure transparency in public services, including property ownership recording and professional qualification tracking. The customized blockchain is expected to be private and secure, ensuring that sensitive data is only shared with the relevant parties. The EU aims to encourage businesses and investors to use this technology by demonstrating its application and ultimately boosting digital transformation.

In conclusion, in a move away from the financial application, Europeum aims to use the benefits of blockchain technology to revolutionize public services and supply chain management. Michel believes that the customization of a blockchain respectful of data privacy will be instrumental in creating transparency, traceability and security. The shift towards this technology is expected to provide European businesses with a competitive edge in the global market by promoting digital transformation.