Blockchain Should not be Monopolized by the Digital Elite

The European Economic and Social Committee (EESC) stated that the potential of the blockchain as an innovation infrastructure for the social economy should be accessible to all.

This was announced by the EESC in a new report.
about blockchain, published on August 1. In key notes accompanying the report, the EESC notes that it will encourage the participation of more civil society organizations in the EU Blockchain Observatory and the European Blockchain Partnership.

The committee notes that the successful introduction of blockchain-based digital infrastructures is not just a matter of technological development, but “includes a full-fledged process of unfolding revolutionary social innovations”. Recalling that blockchain first became known as basic cryptocurrency technology, EESC member Giuseppe Guerini compared the historical importance of technology with the importance of major inventions:

“We can draw parallels with the invention of the printing press. As we know, the first printed book is the bible. Now imagine if people thought that a printing press was a tool that only bibles could print. It would be strange because the printing technology revolutionized life in Europe. ”

EESC recognized a wide range of blockchain applications in the social enterprise sector, including donations and fundraising for NGOs, management of public economic organizations, digitization of education documents, management of intellectual property rights through contracts, telemedicine and agriculture.

However, a key issue related to the development of technology is to ensure that public measures are taken to ensure its implementation on an equitable basis. Gerini stated:

“We don’t want to see a digital divide that breeds even greater inequality and injustice. We do not want a new elite to appear, consisting of people who are familiar with new technologies and ultimately exclude all others from the economy and market relations. ”

According to the EESC, this is why the participation of civil society is crucial to ensure that the democratic potential of decentralized technology is not lost. This indicates the need for coordinated regulation within the EU for the sector, given the introduction of technology without regard to national borders.

In February of this year, the European Commission launched the work of the EU research organization Blockchain Observatory and Forum, which released in the spring of
first report on tokenization of assets.