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

Foreign Money Services Business in Canada

Introduction Canada is renowned for its welcoming environment, making it an appealing destination for persons and businesses worldwide. If you’re contemplating entering Canada’s monetary services sector as a foreign entity, it’s essential to grasp the rules, opportunities, and prerequisites involved. In this article, we’ll delve into the intricacies of becoming a FMSB in Canada and...

Legal regulation of operations with cryptocurrencies in the EU

The unique structure of the supranational type, which includes the unification of 28 countries is the European Union. Legal regulation of operations with cryptocurrencies in the European Union is put on stream, since the cryptocurrency is actively used in the member countries of the Union. Each state has sovereignty, national characteristics and a separate legal...

REGISTRATION OF A CRYPTOEXCHANGE IN THE CZECH REPUBLIC

Cryptocurrency is a digital currency controlled by cryptographic methods (international electronic money created using data encryption). Fiat is the traditional currency (dollar, euro, pounds), which has a physical shell in the form of banknotes and coins. Advantages: officially recognized currency, subject to exchange at a fixed equivalent. Disadvantages: less protected from the factors of decentralization, compared to...

Company registration in Venezuela

Venezuela is quite a popular offshore jurisdiction with many advantages. If you are really determined to create a business, then we recommend that you think about registering an offshore company in Venezuela. The economy in Venezuela is quite stable and the requirements for opening an organization are quite acceptable. It is difficult to register a...

What is an NFT utility?

Typically realized during an ICO, utility tokens offer token holders many privileged services and aren’t treated to be investments as they feature speculative nature and act more like promotional instruments for the issuing company. Let’s find out what is NFT utility and how it differs from traditional NFT. NFT utility: what is it? Commonly associated...

Company registration in Saint Vincent

Registration cost 1.350 Eur Company renewal cost 1. 200,00 Eur Directors number 1 Corporate tax 0.00 % Registered share capital 1 Mandatory reporting requirements No Local Office Requirements: No Requirement to appoint a company secretary: Optional Ready-made companies are always available for sale. Make a request. The registered capital of the company in Saint Vincent...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7