EU launches new mechanism to 'embrace' blockchain technology
BRUSSELS, Feb. 1 (Xinhua) -- The European Commission announced on Feb. 1 the launch of a new mechanism aimed at promoting the development of blockchain technology in Europe and helping Europe benefit from it.
This mechanism, called the EU Blockchain Observatory and Forum, has the function of collecting information related to blockchain, monitoring and analysing relevant trends, exploring the socio-economic potential of blockchain technology and addressing related challenges.
Blockchain technology, which allows for high traceability and security of online transactions, is seen as a major technological breakthrough, the EC said in a press release. This technology will impact digital services and change business models in healthcare, insurance, finance, energy, logistics, government services and more.
Andrews Ansip, the EC vice-president for the single digital market, said he wanted Europe to be a leading global region in developing and investing in blockchain technology. Among the many technologies driving digital innovation, blockchain has the potential to bring real change to financial services and markets," said Valdis Dombrovskis, another EC vice-president. This mechanism will monitor technological developments and inform our policy formulation. "It is noted that the EC has been funding blockchain projects since 2013 and expects to spend up to €340 million to fund projects using blockchain technology by 2020.