EU Underlines Blockchain Advantages in Digitization Report

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What are the expectations? As EU pinpoints the various merits of blockchain in its recently released digitization report.

In the process of evaluating the impact of digitization on social services, the EU body Eurofound underlines the role that blockchain can play in this process. It envisions blockchain as playing a role in the effort to digitize social services to keep Europe updated with modern trends.

Looking at the current stage of development of blockchain in general. It is not certain there will be much expectation on the use of this technology. Given that, the adoption of blockchain technology is still in the early stages of several industries. More so, blockchain utilization is also in the early stages in the social care and health sector. There have been cases of using blockchain in the health sector and social services.

Report Findings

Eurofound’s expectation of blockchain is relying on several advantages of using blockchain. In the released report, the agency pinpoints the benefits of this technology. Emphasizing the absence of third party influence in the transaction process as well as security of the blockchain tech.

The report also points out the other likely advantages of the blockchain. Blockchain focuses on citizens and increases government transparency. Another way noted that blockchain can benefit the digitization of social services is blockchain identification. The aim is to use it to apportion benefits and funding in cash in a way that is more efficient by saving cost and time.

To echo the positivity of the agency on the use of blockchain, there is already a use case in the Netherlands. Blockchain is utilized to provide a system that allows the tracking of various individual contributions in various pension funds.

Additional Options for Consideration

However, another report on the use of blockchain signifies that all is not smooth sailing for blockchain technology role in social services. The utilization of blockchain had to be dumped after it was used to pay for social welfare in the year 2016 in the UK. The Department for Work and Pensions alongside Govcoin undertook the pilot test. Ultimately, the high cost and low take-up force their hand to shelf the plan.

Nevertheless, the Eurofound agency highlights the significance of blockchain despite the technology still very much in its infancy. The agency notes the adoption of blockchain is very much in the early phases in the service industry. The expectation is that the technology may eventually replace verification systems, intermediaries, or contracts.

In general, the primary focus of the report is to digitize the social services. Apart from blockchain technology, the other technology in focus includes IoT, AI, and robots. The expectation from embarking on these steps is to be cost-efficient. As well as helping seniors live on their own as much as possible.

Mainstream Views

The rest of the mainstream industry players definitely can’t ignore Blockchain technology for much longer. Industries globally have to take note of the technology. They must continue to look for ways to tap into the benefits of the technology. That is something the EU is certainly looking to exploit to their benefit.

João is, before anything else, an enthusiastic advocate for the decentralised world as he foresees a better future for human beings through blockchain and cryptocurrencies. Copywriter and content creator are among his professional titles, but his passion for this technology is what defines him better.

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