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Is Europe Getting It Right? Yet broad promises like that reveal a lack of understanding of what blockchain technology offers. An event at the European Parliament this week highlighted a different approach: Rather than start with what the technology must be stopped from doing, the idea seems to be to first figure out what it can do, help it develop and then work on how to protect the consumer.
Yet, even this approach has its drawbacks. Regulating software is like regulating a car. Yet, once someone is behind the wheel, that can change. Rules exist to regulate intended behavior. Also, car design requires certain security precautions.
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True, hardware is not the same as software, but the premise that some guarantees of security are necessary still holds. An argument can be made for letting the market decide. So, the security measures of the underlying technology will need to be regulated, according to its use.
The hundreds of pilots and proofs-of-concept currently in motion are but a tip of the iceberg when it comes to potential applications.
Second, the unusual schism for a technology of private vs public networks requires two different approaches. Who would do the regulating? So, focus can shift to the applications built on top of public blockchains. Even here reach will be limited, as apps can be launched from anywhere, by anyone, in some cases with indeterminate jurisdiction.
In this case, regulators have no choice but to let the market decide. Stamp of approval This could highlight an evolving role for lawmakers: Regulated apps and use cases would imply a certain level of security, which the market will likely prefer. Even if more innovative opportunities arise in unregulated areas, competitors would soon emerge with the advantage of approval.
The EU appears to be following this path. Its innovation-first philosophy could end up supporting development from two angles: It could also end up making Europe a prime destination for blockchain development, as businesses choose the continent for their domicile and as talent flocks to the area.Mosh (mobile shell) Remote terminal application that allows roaming, supports intermittent connectivity, and provides intelligent local echo and line editing of user keystrokes..
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