Blockchain technology is based on digital ledgers, public records that can be used and shared simultaneously. The technology is probably best known as being the basis for Bitcoin and other crypto currencies, but it is also used in many other sectors, ranging from creative industries to public services.

MEPs now want to help create a public policy that supports the development of blockchain and other related technologies.

"Disruptive element"

Greek S&D member Eva Kaili has written a resolution, which was adopted by Parliament's on 16 May. In it she call for “open-minded, progressive and innovation-friendly regulation”.

However, the MEP warned that the technology could lead to significant changes. “Blockchain and distributed ledger Technologies in general have a strong disruptive element that will affect many sectors," she said. "Financial services is just one." The resolution also looked at the effects of the technologies leading to fewer intermediaries in other sectors such as energy, health care, education, creative industries as well as the public sector.

Kaili.is also the chair of the Science and Technology Options Assessment panel, which provides MEPs with independent, high-quality and scientifically impartial studies and information to help assess the impact of new technologies.