The European Parliament resolution highlights the potential of Distributed Ledger Technologies (DLTs) in various sectors such as energy, healthcare, education, creative industries, financial sector and transport. It can contribute to SMEs growth by reducing transaction costs, intermediation costs and red tape.
DLT is a still evolving technology at European level and worldwide and Malta is leading this innovation-driven transition process with its recently adopted and unique set of legislation on the use of DLT in the financial sector.
But the DLT’s potential has not yet fully explored.
It can significantly improve key sectors of the economy as well as the quality of public services.
The Resolution, which I voted in favour, underlines the need for a cautious and innovation-friendly approach of national and European legislators, which would enable and encourage national frameworks to develop. I agree with this approach.
At the same time, the Commission should explore the possibility of creating an EU-wide interoperable network to share best practice, while at the same time promoting consumer, investor and environmental protection, increasing the social value of the technology, reducing the digital divide and improving the digital skills of citizens.