03 Jan 2020
SummaryEuropean Commission launched the EU Blockchain Observatory and Forum, with the support of the European Parliament. The Blockchain Observatory and Forum is highlight key developments of the blockchain technology, promote European actors and...
Blockchain technologies, are seen as a major breakthrough in storing blocks of information in a distributed way across the network. Keypoins they blockchain gives are high levels of traceability and security in economic transactions online. This technology is expected that in future is have a big impact on digital services is reinvent the business models in many areas, as healthcare, insurance, finance, energy, logistics, intellectual property rights management or government services.
Andrus Ansip, European Commission Digital Single Market Vice-President: "Technologies like blockchain can help reduce costs while increasing trust, traceability and security. They have huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman. We want to build on Europe's substantial talent base and excellent startups to become a leading world region that is develop and invest in the rollout of blockchain."
Valdis Dombrovskis, Vice-President responsible for European Commission Financial Stability, Financial Services and Capital Markets Union said: “Among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets. The Blockchain Observatory and Forum is monitor developments and also inform our policy making.”
Mariya Gabriel, Commissioner for the Digital Economy and Society said: "I see blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment - a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction."
We know that so far European Commission had a funds reserved for funding blockchain projects by use of the European Union's research programmes FP7 and Horizon 2020 amount of funds seperated for blockchain in period 2013 - 2020 is €340 million.
EC is actively promoting and blockchain technologyEC is Encouraging governments, industry and citizens to benefit from blockchain opportunities, this already has an effect as european innovators and entrepreneurs are using and creating offering blockchain-based solutions. Many of the major corporations from financial industry sectors like banks, insurances, stock exchanges, logistics or companies are engaged in pilot projects. As well as many of the Member States are as well funding and fostering initiatives so they reinforce their use of blockchain technology.
Idea is for EU Blockchain Observatory and Forum to play an active role and help European companies to take this new wave of opportunities offered by blockchain technology, to build a knowledge and to show capabilities to develop new solutions in this field. As well as it will gather information, monitor and analyse trends, address challenges and many more. For support of this effort EC has chosen ConsenSys as a partner, and expect that this will in future create a necessary outreach in Europe..
Its know that European Commission considers Fintech as a policy priority and think that many of its objectives can be achieved by it like development of the single market, Banking Union, the Capital Markets Union and retail financial services.