EU, the European Union announced that with new developing ways of changing time, the European Union wants to move with new blockchain technologies in social services like vehicle’s, reported on 04 April 2020.
the European Foundation for the Improvement of Living and Working Conditions, or Eurofound, an EU agency, said in a 2020 report that ” As in the case of the services sector, the use of blockchain technology is in an early phase of adoption in health and social care, where it has been used to pay benefits in cash and to monitor pension contributions,”
EU and technology of blockchain to build trust-Showing a big concern to their people,
The government wants to build trust ensuring safety and transparency.
Using blockchain technology for public sector government highlighted the benefits,
“Other possible benefits from this technology for the public sector are more tailored services for citizens and greater transparency and trust in governments”
“Identification via blockchain can be used to allocate funding and benefits in cash in a more time- and cost-efficient manner.”
New technology is also useful to make payments for pensioners.
Eurofound stayed the details related to blockchain technology, “Even though blockchain is still in the early stages of adoption in the service sector, it may lead to the replacement of intermediaries, contracts and/or verification systems,”
In many sectors digitization is compulsory like Artificial Intelligence, Robot, and Internet of Things Technology.
For all sectors and services, digitization process implementation.
Eurofound said, “Often, the objectives of the digitalization of social services are to achieve cost efficiency and to allow older people to live in their own homes independently for as long as possible,”
COVID-19 situations along Europe are worse, priority reports by parties are searched and composed. Later the Pertinent aspects have also been added regarding the ordeal.
2017 was a great year for crypto, as the hype in mainstream and Bitcoins price peak, it made blockchain popular for strengthening cryptos’ largest asset.
“JPMorgan Chase even jumped on the bandwagon in 2019, proposing its blockchain-based stablecoin, JPM Coin.
Recently, For developing Blockchain-based System, SoftBank-Backed Fintech Firm partnered Chinese Conglomerate