Thursday, 26 April 2018

European Blockchain Partnership: should consumer concerns be addressed?

On the 10th of April 22 Member States entered into the European Blockchain Partnership, pledging to cooperate and share technical and regulatory expertise and experience on the use of blockchain.

For many of us, it may be hard to understand what blockchain is. It is the best described as a database that stores and distributes information with the so called distributive ledger technology (see a very good paper by Bacon et al on Blockchain Demystified). In terms of its purpose, perhaps it is easier to think about blockchain as a technology akin to the internet. It operates differently, it is decentralized, and data integrity and reliability is said to be its the greatest advantages, but we as consumers, will probably use blockchain in a similar fashion like we use now the internet.

Blockchain is successfully used in the Fintech sector for example for the operation of cryptocurrency platforms like Bitcoin. As far as I now, currently there are not many direct applications where consumers would be able to make use of the blockchain technology. However, the new technology has huge potential, and according to the plans of the EU Commission, it will overtake almost all spheres of public and private lives. Blockchain is seen an integral part of the Digital Single Market.

The intersection of blockchain and consumer protection has not been greatly explored. As every innovation it can greatly benefit consumers. Blockchain is set to be particularly advantageous in terms of certainty and reliability that it provides for transactions, however, there may be hidden dangers and all sorts of new interesting legal questions that may not yet be apparent, such as those connected to the use of smart contracts. Traditional  grounds for consumer detriment such as information deficit may also appear in the new context, with new dimensions that regulators will need to consider.

The Commission's initiative to prompt EU-wide cooperation is welcomed. However, it should also make sure that consumer interests are in the forefront of the new initiatives. Do you see any particular aspects of consumer protection that should raise special concerns?

3 comments:

  1. DO NOT KEEP YOUR FINANCIAL BURDEN TO YOURSELF CONTACT US NOW FOR ANY KIND OF LOAN AT A LOW INTEREST OF 2%.( prosperloanfirm@yahoo.com )

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the service you deserve, Our Loan program is the quickest. We give out loan in any currency of your choice {Us Dollar, pounds, Euro, Dinar, etc} and duration of 1 to 60 years to pay back the loan (secure and unsecured).

    Do you need any kind of loan and have low credit score, Have you find it difficult to get loans
    from local banks and other financial institutions? solution to your financial problem is PROSPER LOAN FIRM. The terms and conditions are very reasonable and considerate.

    We offer a wide range of financial services which includes: Xmas Loans, Business Loans, Debt Consolidation Loans, Personal Loans, Car loans, Hotel loans, Student loans, Home Refinancing Loans with low interest rate @2% per annul for individuals, companies and corporate bodies.

    Interested applicants should Contact us via email: prosperloanfirm@yahoo.com OR call/text +1(816) 366-8769 . Apply and be free from financial bondage.======--------

    ReplyDelete

  2. LEGIT LOAN OFFER APPLY TODAY:
    Do you need a loan for any reason? Interested parties should contact STEPHEN WILLIAMS LOAN FIRM today, E-mail: stephenswillsloan@gmail.com
    We offer private,Home Loan, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 20 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $10,000,000.00. Terms and conditions apply.
    Thank you for your patronage!
    Best Regards,

    Interested parties should contact the company via email for more information: Lender E-mail: stephenswillsloan@gmail.com
    Name of creditor:
    STEPHEN WILLIAMS FINANCIAL LOAN FIRM
    Email: stephenswillsloan@gmail.com
    Twiiter: @stephenswillsl1
    Instagram:stephen Williams Loan firm

    ReplyDelete
  3. Good-day, I'm Josef Lewis. A reputable, legitimate & accredited lender. We give out loan of all kinds in a very fast and easy way, Personal Loan, Car Loan, Home Loan, Student Loan, Business Loan, Inventor loan, Debt Consolidation. etc

    Get approved for a business or personal loans today and get funds within same week of application. These personal loans can be approved regardless of your credit and there are lots of happy customers to back up this claim. But you won’t only get the personal loan you need; you will get the cheapest one. This is our promise: We guarantee The lowest rate for all loans with free collateral benefits.

    We strive to leave a positive lasting impression by exceeding the expectations of my customers in everything I do. Our goal is to treat you with dignity and respect while providing the highest quality service in a timely manner. No social security Number required and no credit check required, 100% Guaranteed. Kindly respond immediately using the details below if interested in a loan and be free of scams..

    Email: progresiveloan@yahoo.com
    Call/Text +1(603) 786-7565 thanks


    ReplyDelete