In the 2018 European Union's Budget, there are four blockchain amendments to allow for funding initiatives directly related to the use of the blockchain technology.
The new amendments are part of the €161 billion that the union proposes to spend on creating more jobs for young people, boost investments, solving the migrant crisis, and ensure security.
Use of Blockchain for WiFi4EU Payments
One of the amendments tabled will affect the implementation of a free Wi-Fi access project named WiFi4EU with a budget of EUR 120 million set to start operating on 2017-2019. The amendment proposes the use of blockchain technology to allow citizens to know how the EU is paying the private installers of the system.
After rolling out of the Wi-Fi service, citizens will have to make initial payments through vouchers during the first years. The payments will be made using an open ledger system to ensure that residents can trace transactions all operations in the free service.
Two independent groups have tabled this amendment in regards to the WIFI4EU pilot project. The first was by the Group of the Progressive Alliance of Socialists and Democrats, which wants an allotment of EUR 10 million for the development of the payment system.
The Parliamentary Committee on Industry, Research, and Energy proposed an allocation of EUR 1 million for the project. Whatever the costs, use of blockchain technology in the initiative will help create better interaction and trust between citizens and EU institutions.
Additional Amendments
Another blockchain amendment to the budget aims to incorporate the use distributed ledger technologies (DLTs) in humanitarian efforts; for funds distribution and tracking, assigning digital IDs and remittances to migrants.
It involves allocating EUR 1 million for the European Ecosystem of DLTs for Social and Public Good project, which aims to solve problems of authentication and identification. The EU also seeks to assist companies, aiding migrants, and other displaced groups like victims of the Italian Earthquake by using DLTs.
The fourth amendment proposes the allotment of EUR 1 million to the pilot project Horizontal Task Force on Distributed Ledger Technology. The task force came into existence in 2015 to keep track the development of blockchain and DLTs platforms.
The EU has acknowledged the potential benefits of technology for regulation and solving issues of transparency. It is also actively supporting blockchain startups with over EUR 5 million invested.
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