According to Europa website, the European Commission on February 1 announced the launch of a new mechanism to promote the development of European blockchain technology and help Europe benefit from it.
This mechanism, known as the EU Blockchain Observatory and Forum, has the function of gathering information related to the blockchain, monitoring and analyzing relevant trends, exploring the socio-economic potential of blockchain technology and coping with related challenges.
In a press release, the European Commission said blockchain technology has made online transactions highly traceable and secure, considered a major technological breakthrough. This technology will affect digital services and change business models in the areas of healthcare, insurance, finance, energy, logistics, government services and more.
Vice-President for the Digital Single Market Andrus Ansip said: “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 will develop and invest in the rollout of blockchain.”
It is reported that since 2013, the European Commission has been funding blockchain projects and it is estimated that by 2020, the number of funds used to fund blockchain technology projects will amount to 340 million euros.
