Eva Kaili, the Greek member of the European Parliament, spoke optimistically about the future of cryptocurrency past standard applications and focused on the potential within politics on November 22nd, 2018.
The interview was conducted at Decentralized 2018, a blockchain conference held in Europe and organized by the University of Nicosia. The Chair of Science and Technology Options Assessment (STOA) spoke to EAK TV regarding benefits that supply chains were already receiving, as well as the future implications in other sectors as well.
Blockchain to benefit numerous sectors
Innovations like smart contracts made famous by Ethereum could allow for existing operations to be done more efficiently and without human intervention, reducing overhead and error.
Another potential benefit that could help the European Union is cross-border technology. Despite the 28 members being geographically close together, different borders increase inefficiencies and costs when it comes to transferring value or information from one country to another.
Kaili isn’t the only one with this idea: various blockchain solutions are popping up all over the world from a voting system in Catalonia, tokenizing real estate in New York, and blockchain islands in just to name a few. Blockchain technology is so appealing due to its versatility, and potential application into so many different sectors.
In the interview, Kaili said:
“I would say that in every sector I can see interesting developments, but value maybe more with supply chain…the other things are removing friction with intermediaries, saving us from costs that we shouldn’t have in financial services.”
Blockchain Sentiment and Future Impact
European government is finally warming up to the idea of this nascent technology, with the European Commission allocating 1 million euros to 5 winners each in their Blockchain for Social Good competition, where blockchain solutions for problems in society are sought after.
Despite changing sentiment about blockchain, a lot of legal and technical progress has to be made. The framework to encourage innovative startups to launch pilot projects is still in the works, and bright thinkers need to step forward once regulation gives the green light.
With Brexit talk on the rise once again with U.K. scheduled to leave the E.U. by the end of March 2019, Bitcoin and other cryptocurrencies could be presented as a unique solution for citizens looking to continue the pseudo-borderless trade they’ve enjoyed for years.
While it’s too soon yet to see how Europe will react once Brexit occurs and what role cryptocurrency will play, there may be a silver lining for crypto. Demand for cryptocurrency tends to increase in times of political instability, and with the cryptocurrency market recently losing $700 billion in valuation, this may present a short-term opportunity for investors looking to enter the market.