Is the European Economic and Social Committee Blocking Blockchain Adoption?

European Economic and Social Committee

The European Economic and Social Committee (EESC), a consultative body of the European Union, maybe cleverly blocking blockchain adoption as per a recent report. According to observers, the EESC is both bullish and bearish of blockchain-based products such as cryptocurrencies. On the positive side, an EESC member noted that blockchain technology could not be wished away. For example, Giuseppe Guerini, a member of EESC, said that the technology could be compared to the early printing press. Guerini explained: “The first book to be printed was the Bible. Now, imagine if people had equated the printing press with a means capable of printing only Bibles. That would have been inaccurate because printing technology revolutionized life in Europe.” Further, the report outlined possible areas that blockchain could bring a revolution. In the list, for example, EESC included tracing fundraising and donations and enhancing the governance of social economy organizations. Blockchain can be…

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