Use “blockchain” model to cut small firms’ costs and empower citizens, urge MEPs

Applying the blockchain model to energy use, supply chains and governance would benefit businesses and citizens
But uses other than for crypto-currencies need to be promoted
Getting the rules right could make the EU a global leader
Applying the “blockchain” model to areas like energy use, supply chains and governance would cut costs for firms and empower citizens, said the Industry Committee.
Blockchain transactions are recorded by multiple users, rather than by paid - and often costly - intermediaries. The model is currently best known for underpinning the functioning of digital currencies, such as Bitcoin.

The committee approved on Wednesday recommendations on how to apply the blockchain model elsewhere, so as to cut intermediation costs for small firms, empower citizens and enable the EU to become a global leader in this field.

more iot news