European Union to Introduce Blockchain Infrastructure to Improve Record Keeping and Data Transfer among Member States

The European Union has created a new organization aimed at introducing blockchain infrastructure and improving record keeping and data transfer between the 27 member states of the European Union. This took place during the European Council Telecommunications Ministers meeting in Brussels, where lawmakers also approved the European Union's landmark artificial intelligence law.
Mathieu Michel, Belgium's state secretary for digitization, said blockchain infrastructure will affect individuals and companies. Michel has promoted a blockchain project managed by European Union countries and dubbed it Europeum. Speaking at a press conference, he said Europeum will have a tangible presence in the daily lives of European citizens. This will allow citizens to trace the origin of their products and enable businesses to protect their own intellectual property by maintaining data on an immutable blockchain network.
Ten European member states, including Italy, Poland and Greece, have agreed to help operate and launch the European Union blockchain. Other European countries will still be able to use the blockchain infrastructure. Michel added that more countries are expected to join. Germany and France have not yet committed to the arrangement, but the latter has been supporting the project.