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EU Highlights Blockchain Benefits in Digitization Write-Up

The European Union, or EU, talked about blockchain know-how as a part of social companies digitization efforts to maintain Europe in control with the altering instances. 

“As in the case of the services sector, the use of blockchain technology is in an early phase of adoption in health and social care, where it has been used to pay benefits in cash and to monitor pension contributions,” the European Foundation for the Improvement of Living and Working Conditions, or Eurofound, an EU company, stated in a 2020 report

The EU company sees blockchain advantages and use instances

Highlighting the know-how’s advantages, the report famous blockchain allows safety, absent third-party reliance. 

“Other possible benefits from this technology for the public sector are more tailored services for citizens and greater transparency and trust in governments,” the write-up famous. “Identification via blockchain can be used to allocate funding and benefits in cash in a more time- and cost-efficient manner.”

The report additionally highlighted different blockchain usages, together with these regarding pensions and funds. 

Additionally, Eurofound pointed towards blockchain’s significance, even given the know-how’s youth. “Even though blockchain is still in the early stages of adoption in the service sector, it may lead to the replacement of intermediaries, contracts and/or verification systems,” the company detailed. 

The report as an entire goals to go digital

In addition to blockchain, the report talked about many areas of digitization, together with synthetic intelligence, robots, and Internet of Things know-how.  

“Often, the objectives of the digitalization of social services are to achieve cost efficiency and to allow older people to live in their own homes independently for as long as possible,” Eurofound stated of its digitization effort as an entire.  

The EU report stated events researched and composed the report previous to the worldwide coronavirus state of affairs at hand, though pertinent facets have additionally been added relating to the ordeal.  

Since Bitcoin’s worth peak and mainstream hype in 2019, increasingly more entities have dived down the blockchain rabbit gap, exploring the know-how made well-known for underpinning crypto’s largest asset. JPMorgan Chase even jumped on the bandwagon in 2019, proposing its blockchain-based stablecoin, JPM Coin.

Cointelegraph reached out to Eurofound for extra particulars, however obtained no response as of press time. This article shall be up to date accordingly ought to a response are available.

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