Recently, on 6th March, a report was published by the
Recently, on 6th March, a report was published by the European Union Blockchain Observatory and Forum, discussing ways to improve the incubation of blockchain solutions across the continent. Key issues elaborated on in this report include critical discussions on scalability standards and interoperability. In the recent months, we have seen the European Union step up its efforts with regard to developing blockchain tech and it already seems that 2019 is going to be a year of proactive cooperation in this field between the European countries.
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At BTCWIRES, we have earlier covered the various steps taken by the EU and its members in expanding the development of blockchain technology and this report seems to be the newest proof that Europe is taking blockchain very seriously indeed.
The report has been prepared by ConsenSys, the famous blockchain tech firm founded by Joseph Lubin and it is titled “Scalability, Interoperability And Sustainability of Blockchains”. It delves deep into how the European countries are currently using blockchain and what the future scenario looks like some years down the line.
The report has taken into account opinions and suggestions from stakeholders in this field and represents an attempt by the EU to zero in on a comprehensive structure of blockchain development within the continent.
Echoing the sentiments of French President Macron from a recent speech, the report emphasizes on the need for cooperation and interoperability. It reads:
“we can expect that over time it will become easier and easier for disparate blockchains to work together. This will be to the benefit of the ecosystem as a whole.”
The report highlights the need for stimulating research in the area and supporting the implementation of blockchain projects. It cites the ever-growing and dominating presence of US and China in the field and urges EU leaders to catch up. The report argues:
“Currently the EU is active in supporting blockchain research in a number of ways, from the EU Blockchain Observatory & Forum […] to the allocation of up to EUR 340 million [$382 million] to support blockchain projects through 2020 under the Horizon 2020 programme. While these are laudable, the EU should not rest on its laurels. Both the U.S. and China have expressed strong support for blockchain research, with the former even going so far as to include it as part of its USD 700 billion defence budget.”
The report represents a concrete documentation for what leaders from EU countries such as France and Germany have been saying for a while. Emphasizing on experimentation, education, establishment of standard regulations, and use of blockchain in use cases like identity management and data oracles; the report paves the way for a rapid and effective development of the industry in Europe.
Will the EU leaders now play to their strengths and act on these suggestions? Will they manage to give the US and China a run for their money? Only time will tell.