Eternity Law International News European Blockchain Services Infrastructure: main points

European Blockchain Services Infrastructure: main points

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.

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