- Belgium has now joined the other countries in the EU to set up nodes for blockchain technology.
- Blockchain technology enables its users to store and transmit data in a secure, decentralized manner.
Belgium has now joined the other countries in the EU to set up nodes for blockchain technology. The European blockchain services infrastructure, also known as the EBSI, was deployed in the first quarter of 2020.
Blockchain technology enables its users to store and transmit data in a secure, decentralized manner. This technology is far more secure than any other existing tech. The European Commission now aims to deliver even better services to all the citizens of the European continent.
Twenty European states, along with Belgium, has pledged to contribute their resources to this project actively. This is a very ambitious project, and the country’s first node was commissioned on the 12th of February this year. A second node is to be commissioned very soon in the coming weeks as well.
The blockchain tech can record online activity and does so in a very easily verifiable manner. The blockchain can monitor online activity without the need to be overseen by anybody at all.
In simple words, the database is common to all that shows the history of exchanges between its users. It is kept and updated simultaneously at all the nodes that are involved in making the network.
The good part of the blockchain tech is that it cannot be corrupted, and it also allows all the users to check the validity of the chain at any given time without the need to go to a third party or middle party.
Blockchain is also made in such a way that if a transaction has been recorded there, it cannot be erased no matter what, making it a very secure chain and system. It resembles the accounts ledger, and this kind of ledger allows everyone to have a copy of it that they can update and it updates the transactions to everyone’s ledger, which makes it secure.