“How blockchain technology can change our lives”

The text provided is an in-depth analysis prepared for the European Parliament Research Service (EPRS) by the Scientific and Technological Outlook (STOA) unit, entitled “How blockchain technology could change our lives” and dated February 2017. This document aims to provide members and staff of the European Parliament with an overview of blockchain technology and its potential implications in a variety of areas. The non-sequential analysis examines eight specific areas of application, including digital currencies (such as Bitcoin), digital content management, patents, electronic voting, smart contracts, supply chains, public services, and Decentralized Autonomous Organizations (DAOs). Each section discusses how blockchain could be used, its potential impacts, and the related policy and regulatory implications for the European Union. The report points out that, while blockchain can offer greater transparency and decentralization, it also raises legal challenges, particularly with regard to data privacy and law enforcement in systems without central intermediaries.