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pursuant to Rule 133 of the Rules of Procedure

on blockchain technology

Aldo Patriciello

Motion for a European Parliament resolution on blockchain technology  

The European Parliament,

–  having regard to Rule 133 of its Rules of Procedure,

A.  whereas blockchain technology enables a group to share IT resources (memory, CPU, bandwidth) in order to provide communities of users with a public or private virtual database;

B.  whereas this technology could also be used in international trade, as its protocols facilitate the use of new methods to process and manage digital transactions;

C.  whereas the use of blockchain technology would improve transparency and security as, once recorded, the data in a block may not be retroactively changed (unless subsequent blocks are amended, with the consent of the majority of the network);

D.  whereas the digitisation of trade would lead to more simplification and speed for all businesses, particularly small and medium-sized enterprises (SMEs) which would be able, at lower costs, to take advantage of the benefits offered by international trade on both the internal and global markets;

E.  whereas there is a total lack of regulation and no supervisory authority in this field, which nevertheless has problems that need to be resolved (such as compatibility with the General Data Protection Regulation and the right to be forgotten, management of attacks by hackers and energy consumption);

1.  Calls on its President to promote the implementation of appropriate measures concerning blockchain technology and its use.

Last updated: 21 February 2019Legal notice