In an effort to wean itself off of technological reliance on comparable American services, the European Union has developed its own sovereign blockchain. The new blockchain technology will make it possible to trace the origin of food items while keeping private information and intellectual property safe from prying eyes.
When Europeum is fully operational, European values will permeate all aspects of people’s and companies’ lives. Mathieu Michel, Belgium’s Secretary of State for Digitalization, explained that the country needs to build its own independent infrastructure soon so it can stop relying on American tech giants like Amazon Web Services.
Ten member states of the European Union, including Greece, Italy, and Poland, have committed to providing technical and financial support for the launch and maintenance of Europeum, according to the European Digital Infrastructure Consortium.
Digital Euro won’t be able to supplant cash, but it will reduce EU reliance on non-European payment systems, according to the president of the Dutch Central Bank (DNB).