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The European Parliament has become the latest authoritative body to cast its gaze over the impact of blockchain technology, which many have suggested could be hugely significant across a range of industries and uses.

A report published by the parliament highlights ‘significant’ benefits that could come from supporting the development of blockchain, which analysts widely consider to be one of the most important commercial tech developments currently in the pipeline.

The technology, which allows the recording of transactional data in a secure, decentralized, automated framework, underpins digital currencies like bitcoin.

It is also thought to hold the key to potentially significant developments in industries like finance, agriculture, commercial and residential property, shipping, automotive and multiple other sectors.

In an attempt to inform legislators of the technology, its present context and expected future benefits, the parliament published a report, attempting to highlight the significant benefits that could lie in wait for wider industry once this technology reaches the mainstream.

"Although blockchains are not the solution for every problem, and even if they will not revolutionize every aspect of our lives, they could have a substantial impact in many areas, and it is necessary to be prepared for the challenges and opportunities they present."

The report comes at a good time for the industry in Europe, with European legislators already live to the existing regulatory challenges and restrictions that can make it difficult to develop and test blockchain products.

It comes at a time when the EU’s Commission has indicated support for developing blockchain technology, along with positive moves from regulators more broadly worldwide.

Aside from its commercial implications, the parliamentary report also saw advantages for European citizens, in providing a more secure mechanism for recording democratic votes and increasing governmental transparency.

"While the most idealistic and revolutionary visions of blockchain development will probably remain no more than visions, even moderate implementation of blockchain may still promote some degree of redistribution and transparency.”