E.U. Parliament adopts resolution on blockchain use in trade policy

The European Parliament adopted a resolution on Thursday, titled "Blockchain: a forward-looking trade policy." The resolution calls on the E.U. Commission, the institution of the European Union responsible for proposing legislation and implementing decisions, to "take the lead in the assessment and further development of blockchain technologies, including in specific sectors, such as those covered by the EU’s trade policy."

According to the resolution, blockchain technology can streamline global trade, improve transparency and traceability of products, and reduce the cost of the logistics industry. The resolution also reminds the E.U. Commission that it "has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, together with international partners."