New Eu Blockchain strategy launched!
28 May 2021
The EU believes that blockchain technology when properly used can provide significant benefits to European industry, the European economy, and to European society as a whole. For this reason, the European Commission is supporting blockchain on the policy, legal and regulatory, and funding fronts.
Blockchain technology allows people and organisations who may not know or trust each other to collectively agree on and permanently record information without a third-party authority. By creating trust in data in ways that were not possible before, blockchain has the potential to revolutionise how we share information and carry out transactions online.
The EU believes that blockchain technology can provide significant benefits to European industry, the European economy, and to European society as a whole. For this reason, the European Commission is supporting blockchain through policy, legislation, regulation and funding.
The Commission’s blockchain strategy
The most significant elements of the European Commission’s blockchain strategy include:
- A European Blockchain Partnership: developing joint visions and initiatives and creating a pan-European approach.
- A European Blockchain Services Infrastructure (EBSI): The European Blockchain Partnership commits the public sector to building its own blockchain backbone infrastructure for cooperation across borders.
- A comprehensive legal framework: The European Commission will create legal certainty through a pro-innovation framework in the areas of digital assets and smart contracts.
- Blockchain innovation funding: The EU provides funding for blockchain research and innovation both in the form of grants and by supporting investment in startups.
- Interoperability and standards for blockchain: The European Commission believes strongly in the importance of standards in promoting blockchain technology and looks to engage with all relevant bodies globally.
- the EU Blockchain Observatory and Forum: ensuring interaction with the private sector, academia and the blockchain community