Best known to many because of bitcoin and other crypto currencies, blockchain is also ushering in changes in a range of sectors, from creative industries to public services, thanks to a technology based on digital ledgers that can be used and shared simultaneously.

And members of the European Parliament want to make sure that there is a policy in place that supports the development of blockchain and related technologies, so that its huge potential can be tapped.

To this end, Greek S&D MEP Eva Kalli drafted a resolution adopted by the European Parliament’s Committee on Industry, Research and Energy which called for an ‘open minded, progressive and innovation-friendly regulation.’ But she also warned that the technology can lead to significant changes.

“Blockchain and distributed ledger Technologies in general have a strong disruptive element that will affect many sectors,” she said. “Financial services is just one.” The resolution also looked at the effects of the technologies leading to fewer intermediaries in other sectors such as energy, health care, education, creative industries as well as the public sector.

The Greek MEP is also the chair of the Science and Technology Options Assessment panel, which provides MEPs with independent, high-quality and scientifically impartial studies and information to help assess the impact of new technologies.

The EU has an important role to play in cultivating this technology, said Kaili.  “We aspire to make EU the leading player in the field of blockchain,” she said. “We experience a strong entrepreneurial interest in blockchain. We, as regulators, need to make sure that all this effort will be embraced by the necessary institutional and legal certainty.”

Another concern is the impact the technology could have on people and their data. Kaili said that as technology evolves, the risks do too. “It is not smart to regulate the technology per se, but rather its uses and the sectors that adopt this technology in their business models. Consumer protection and investor protection come first.”

The EU has already been promoting the technology. For example, it has already invested more than €80 million in projects supporting the use of blockchain. The European Commission has said around €300 million more will be allocated by 2020.

In addition the Commission launched the EU Blockchain Observatory and Forum in February 2018.