Episode 187: Disruption Stories - eIDAS Meets Third Generation Blockchain

Welcome to the European edition of Breaking Banks. In this episode, we delve into the intersection of eIAS (Electronic Identification, Authentication, and Trust Services) regulation and the power of third-generation blockchain technology. Our host, Roberto Capodieci , sits down with Enrico Talin from Commercio.Network , a pioneer in the field. Join us as we explore the fascinating landscape where fintech and blockchain converge, all under the European regulatory umbrella.

As the conversation unfolds, Enrico shines a light on their groundbreaking venture, a consortium of companies that has harnessed the power of blockchain for tangible real-world applications. The journey began modestly, with just a handful of firms coming together. Today, Commercio Network boasts an impressive network of 96 companies, with the magic number 100 within reach. This distinction led them to build upon the Cosmos SDK technology, a third-generation blockchain platform incorporating proof of stake and instant finality. This strategic choice enables the creation of interconnected blockchains through the IBC protocol, while adhering to established standards.

One of the most striking aspects of Commercio Network's endeavour is the seamless integration of eIDAS regulation. Enrico dives into the unique European legal landscape, emphasising that while in other regions a blockchain document might be dismissed due to its digital nature, eIDAS regulation bridges this gap. It offers a way to make digital documents legally binding, akin to traditional paper documents. This is a pivotal distinction, as it grants blockchain-based solutions the legitimacy they need to stand in court.

The initiative began to take shape in 2017 during the Defcon conference in Cancun, Mexico, where a group of visionary minds recognized the potential of blockchain beyond cryptocurrency. They sought to leverage the technology for genuine document authenticity.

The subsequent years saw the project evolve, culminating in the creation of the Commercial Network consortium. This amalgamation of startups and companies paved the way for a unified approach to blockchain-based solutions. In this holistic structure, the focus isn't solely on technological prowess, but also on the legal validity of the solutions. This holistic perspective sets Commercial Network apart, ensuring their offerings are not just technically sound but legally robust.

The podcast episode encapsulates the essence of Commercial Network's innovation - a third-generation blockchain ecosystem fortified by eIDAS compliance. This fusion reflects Europe's commitment to technology that not only pushes boundaries but adheres to established legal frameworks. With open doors for developers, businesses, and entrepreneurs, Commercial Network stands as a beacon of blockchain innovation that holds true to European values.

As the conversation wraps up, it's clear that Commercial Network is more than just a blockchain project. It's a testament to what can be achieved when groundbreaking technology meets a regulatory environment that nurtures innovation. Through the lens of this episode, Breaking Banks Europe introduces us to the pioneers rewriting the fintech narrative in Europe, one blockchain block at a time.

Article by Giovanni Scandroglio

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