Can Blockchain Save the EU?

In the span of less than 10 years blockchain, the distributed ledger that underpins digital currencies such as Bitcoin has gone from being an obscure ideological technology to one that is set to revolutionize government, business, and finance.


Skeptics regard it as a ‘pie-in-the-sky’ technology that will not deliver transformative benefits until its real-world applicability is proven. Enthusiasts say it is only a matter of time until blockchain fully replaces traditional modes of payments and record-keeping; ultimately creating some kind of new world order.

Despite the title of this piece, we don’t see blockchain as a magic sauce that will solve all the world’s – or the European Union’s – problems.
Nonetheless, there are some interesting parallels to be drawn between the rise of blockchain and the impending demise of Europe.

Recession Hangover

On the economic front, many countries are suffering from a recessionary hangover. Since mid-2014, four central banks including the ECB have moved their policy rates into negative territory and interest rates across the continent are the lowest they have ever been. Despite this, growth has been lackluster in most of Europe’s major economies and inflation remains stubbornly low. Clearly, monetary policy is proving ineffective as a tool for spurring bank lending in a bid to drive consumer spending and investment.

Read more:
http://fintechnews.ch/2831/blockchain_bitcoin/can-blockchain-save-the-eu/

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