The European Parliament (EP) has called for measures to boost blockchain adoption in trade and business across the region. The body has named this resolution “Blockchain: a forward-looking trade policy,” and are examining how the technology could improve EU trade policies, including free trade and mutual recognition agreements. This comes after findings showing only 67% of exporters and 90% of importers make use of the preferential tariffs in the EU and its partner nations.
There are still challenges to address (such as cybersecurity), but the technology allows for supply chain transparency, streamlined trade processes, reduced costs and corruption, detect tax evasion and improve the security of data. Through blockchain, traders could upload all their documents in one place, including those related to compliance, to benefit from the preferential tariffs. This could also help authorities to automatically get information from these parties and improve verification and trade processes.
This is another promising step towards greater adoption of the tech, especially after seven EU countries have declared promotion of blockchain in order to transform their economies. The EP stressing a need for “global interoperability standards” to be developed highlights the benefits of blockchain with secure payments and smoother processes allowing tracking of ongoing global projects, leaving the EU with a large number of possibilities.
“The EU has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, together with international partners.”
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