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

Open a bank account in Cyprus

Cyprus is the most attractive country for business registration. It proposes low taxation, simple procedures for incorporation and subsequent business management and stability in politics and law. If you plan to form your company in Cyprus, you have to open an account in one of the local banks. It will be a profitable investment, as...

Crypto license in Lithuania 2024

Currently, Lithuania is one of the most sought-after EU jurisdictions for obtaining a VASP license to run a cryptocurrency exchange or other crypto-related project with clear and simple AML/CFT regulations. Eternity Law International offers ready-made solutions and professional support in the remote acquisition of a crypto exchange Lithuania license with a complete solution within several...

Status Check in Interpol Database in Spain

Frankly speaking, living or traveling abroad comes with its fair share of surprises, but the last thing anyone wants is to discover an unexpected flag in an international police system. Depending on whether you’re applying for a visa, changing your place of living, or simply trying to clear your name. At the same time  figuring...

Human Rights & Political Asylum Cases in France

In our world there is a problem which can have an influence on some people around the whole world. We are talking about political oppression that forces people to escape from their native country to another one. The reason of it is that a person encounters some kind of a risk and finds themselves in...

Forex broker in Bulgaria

To Forex brokers contemplating expansion in Europe but unwilling to bear the hefty cost of maintaining a Cypriot or Maltese licensed company, we strongly advise considering Forex broker in Bulgaria license. Key highlights Broker in Bulgaria is formally categorized as investment enterprise and operate under an Investment Services License (ISL), which outlines the allowable array...

Payment license for e-commerce marketplace

Amidst the ever-shifting landscape of e-commerce, a diverse array of market participants has emerged, ranging from industry titans exemplified by eBay to niche innovators typified by Asos.com. These visionary entities have meticulously curated their market positions, promising not only substantial expansion but also attracting discerning venture capitalists. Within this dynamic context, the European Payment Services...

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...

What is an EMI – European Payment License?

Developed for the digital era, alternative payment institutions provide innovative access to basic financial services across many sectors. EMIs represent an essential part of the EU’s financial mechanism as they assist natural persons and enterprises in managing their funds. As per the enforceable EU law, all entities dealing with e-funds must acquire an EMI license...

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: