European Commission Prefers Blockchain Over Bitcoin, But Seems To Contradict Itself On Cryptos

2018-11-26 12:41

A recent The Next Web post revealed that the European Commission (EC) prefers the technology behind digital assets, i.e. blockchain technology, with immense distaste for digital assets themselves.

Apparently, the Commission shared their preference during a blockchain roundtable, in which plans to consider blockchain technology under the project dubbed, “International Association for Trusted Blockchain Applications,” were disclosed.

According to Roberto Viola, who serves as the Commission’s Director General for Communications, the main goal behind this endeavor is primarily to “promote trust in blockchain technology among public authorities and citizens,” which he believes, “should not be associated with obscure cryptocurrencies.”

Despite their interest in blockchain technology, which is known for its openness and transparency, the European Commission seems to be contradicting their expressed interest, as they’ve decided to turn to permissioned blockchains. According to The Next Web, the Commission doesn’t have any other options but to test the waters of the permissioned blockchain due to their respective law, but nonetheless, it could become a problem when it gets adopted.

For those who are unaware, a permissioned blockchain network can be seen as a hierarchy so to speak, as authority is given to specific, known users, who in turn are responsible for validating blocks. Depending on the structure they choose to go about, this can truly impact blockchain technology’s decentralized, transparent and private nature.

For instance, having access to a permissioned blockchain is limited as it can only be done through an invite. Similarly, transparency fails when some aspects are kept hidden from another party involved. Finally, due to the level of authority present, things can easily be tweaked without anyone finding out, which ultimately defeats the original purpose Satoshi Nakamoto had with respect to blockchain technology and the need to regain decentralization.

Do you think it is right for Europe to be taking this path? Have the lost track of what blockchain technology is meant to be? Let us know in the comments below.

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