Eternity Law International — News — European Blockchain Services Infrastructure: main points

European Blockchain Services Infrastructure: main points

Published:
September 12, 2022

European Blockchain Services Infrastructure: main points

The EU is on its way to introducing its European blockchain services infrastructure (in short, EBSΙ), to publicly operated sector which should shortly interact with privately owned facilities.

The EBSΙ represents a P2P system of interrelated nodes operating a blockchain-grounded services system. Nodes will be run by the EBP – by all EU countries, Nοrway, the Principality of Liechtenstein, and the Commission – each of them will have a minimum of one node.

The structure of EBSI represents several levels encompassing:

  • a base level covering the basic framework, connection, and storing capacities;
  • a key services level that will make possible all EBSI-grounded ways of usage;
  • extra levels developed for certain scenarios of usage.

Such system will make it possible for public organizations to design usages that link to and apply the system. Accordingly, it will be broadened to privately owned organizations.

Overview of EBSI scenarios of use

By default, EBSI is being constructed algorithmically, concentrating on a several usage scenarios, and then extending them in the future.

The primary EBSI directions encompass the following:

  • Instance of notarizing: Exploiting the powers of decentralized technology to form reliable audit trails, automatize conformity audits and guarantee informational safety;
  • Credentials: Redirecting controls to individuals when managing their educational evidence documentation, hence substantially minimizing verification expenses and bettering legitimacy reliance;
  • EU digital identity: Introducing a generic digital ID option, making it possible for users to collect the necessary data, implementing the eIDAS regulatory regime;
  • Data safety: Exploiting new technologies to properly and safely share information between European authorized departments, beginning with the VAT ID numbers.
  • Also, further there will be many other scenarios of usage.

As for now, the EBP is developing 3 more extra ways of usage that will be recently inserted into the system. These refer to:

  • funding SMEs via blockchain;
  • using EU SSNs to make crossborder accessability to such programs as health care assistance, food stamps, and unemployment compensation easier;
  • making easy administrating crossborder and crossauthority asylum requests.

Further, once project is in 100% implementation, private enterprises will be able to become a part of EBSI. This should launch a plethora of many initiatives in terms of cost-efficiency and efficiency in interacting between the public and private sides.

To be ready for the coming prospects of EBSΙ and to design further usage scenarios, the EU Commission offered a PCP process.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Acquire a UK Company Featuring “Bank” in Its Name – High Trust Asset

In the business world of today, looks do matter — and few names look more solid, trustworthy, and professional than a company branded with the word “Bank”. For business operators in pursuit of a shortcut around years of brand-building — say, by purchasing a ready-made UK company with bank accounts and “Bank” in its name...

Cuba Authorised Crypto Companies

Cryptocurrency is a rapidly evolving sector with increasing global interest, and Cuba is no exception to this trend. As the world shifts towards digital finance, authorised crypto companies in Cuba play a critical role in shaping the country’s position within the cryptocurrency space. The Cuban government has recognized the importance of this emerging industry and...

API license in Belgium

In recent years, the financial sector in Belgium has been actively expanding and developing. The country attracts the attention of financial enterprises due to its diverse government support, the presence of leading European financial and regulatory authorities, its favorable geographical position as an EU financial center and the presence of a developed market. These factors...

Residence permit in Spain

Guide to Spanish Citizenship and Permanent Residence If you want to live in Spain for a long time or stay to live, you will need to obtain permanent residence or become a Spanish citizen. After you have been in Spain for five years, you are eligible for permanent residence, and after 10 years you are...

ISO 20121: Sustainability Management

ISO 20121 is intended to guarantee a high level of events organizing via environmental factors controlling. Like most ISO standards, ISO 20121 is based on basic approaches and principles (PDCA continuous improvement cycle, system and procedures approaches, etc.), which provides a high level of alignment with most popular ISOs, in particular ISO 9001, ISO 140001...

Business Formation & Corporate Governance in Netherlands

Creation of an entity is always an exciting and important move towards the world of business. It may turn out to be tedious but prospective, and it offers you a great deal of opportunities. If you think of the Netherlands as a spot for the future entity, you ought to pay attention to its strong...

Related posts

European Blockchain Convention 2023 The Future of DeFi

The European Blockchain Convention 2023, scheduled to be held in Barcelona, Spain, from February 15th to 17th, promised to be a landmark event for the blockchain and cryptocurrency ecosystem. As one of the largest blockchain conferences in Europe, the convention brings together leading experts, policymakers, and industry stakeholders to discuss the latest trends, opportunities, and...

Blockchain Accounting and Professional Tax Services in 2023

Blockchain firms and crypto investments in functioning have a lot of subtleties and nuances related to accounting and control of compliance risks. Our company has been offering tax services, auditing and advising such firms for many years. We’ve formed excellent practices and mechanisms in the field of crypto accounting services, which force enterprises to overcome...

Ukraine joins the European Blockchain Partnership

Aiming to merge its digital financial sector with the EU, Ukraine is expanding its blοckchain collaborations with other jurisdictions: as recently informed by authorities, Ukraine joins the European Blockchain Partnership in June 2022. A 3rd non-EU nation to obtain a membership in EBP Ukraine has now a new status of the 3rd nation outside the...

Main peculiarities of Cyprus EMI license

The Republic of Cyprus, an island in the eastern Mediterranean Sea south of the Anatolian Peninsula, is the best post-Brexit jurisdiction for EMI licensing. Financial firms, established there can take advantage of an effective legal framework in line with EU legislation, a straightforward process, and highly favorable taxation. Also, EMIs can carry out their services...

Blockchain Life Forum 2021 – What can we expect at the main event of the year?

A little less than a month is left before the main event in 2021. The sixth international forum – Blockchain Life 2021, dedicated to cryptocurrencies, blockchain and mining, will take place on April 21-22. More than a thousand participants will gather at the Music Media Dome. Among them will be entrepreneurs, investors, leading developers, owners...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: