On the 10th of April 2018, twenty-two European countries drew their signatures setting forth to work as partners to amplify and establish block chain throughout Europe.

Blockchain is a digital ledger that boosts the faith of the users of cryptocurrencies. It helps in filing the transactions made through cryptocurrencies, through which the users can verify and share them in a soundly secure and perpetual way. This will probably become more viable to use in many fields like regulatory reporting, logistics, etc.

This is a tested and proven technology successful in the financial sector.

This declaration looks to uphold Europe in the leading role in blockchain technology globally. The European Commision was called on by The European council to furnish an approach in European style to blockchain.

The European Commission formed the ‘EU Blockchain Observatory and Forum’ during the month of February 2018 and vowed to plough money in for the growth of blockchain by means of an initiative called ‘Horizon 2020’. Horizon 2020 aims at bringing liaison among the member states of the European Union and the related private enterprises.

Close co-ordination amongst the signatories to this declaration will help in pushing away the ‘fragmented approach’. It will also enable the evolution and large scale employment of blockchain technology.

The signatories to this declaration were Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and United Kingdom. They will have to meet several goals that involve the launch of the 1st inter-border actions by the close of 2019.

The European Blockchain Partnership is also open to other countries across the world, the associates of the European Union and the European Economic Area.

In complete adherence to the laws of the European Union and with the presence of specific governance, the blockchain technology and the services it provides will prosper throughout Europe.