EESC encourages EU to steer blockchain to support society

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Before it goes too far in any direction, blockchain technology needs to be harnessed for the good of everyone. That’s the message from the European Economic and Social Committee (EESC) in their August 1 report, “Blockchain and distributed ledger technology as an ideal infrastructure for Social Economy.”

Taking a lesson from the runaway success, and problems, of social media platforms like Facebook, the EESC has warned the EU institutions that it needs to steer blockchain technology towards the public good, rather than let the technology run away from them.

Specifically, they look at how blockchain needs to be more than just a platform for new digital currencies. EESC member and president of Cecop-Cicopa Europe, Giuseppe Guerini said:

We can draw parallels with the invention of the printing press. As we know, the first book to be printed was a bible. Now, imagine if people had equated the printing press with a means capable of printing only bibles — that would have been inaccurate because printing technology revolutionized life in Europe.

That’s an important sentiment, and one that Bitcoin SV (BSV) is striving to achieve. Recognizing that the Bitcoin blockchain can be more than just a system for peer to peer currency, but also the data ledger of so many possible business and government applications, is a key reason why BSV is set up to be the only public blockchain necessary.

Importantly though, the EESC also notes that public measures must be in place to ensure that blockchain technology remains accessible to everyone. “We don’t want to see a digital divide that creates more inequality and injustice,” Geurini added. “We don’t want to see a new elite emerging, of people who are familiar with the new technologies and end up excluding others from the economy and the market.”

That can come in plenty of ways, such as governments pushing for better and broader education of blockchain technology so that the masses can maintain a strong understanding of the platforms of the future, or regulation that ensures even the poorest segments of society maintain access to services if they shift to blockchain platforms.