Blockchain Is 'Going Mainstream' Says European Commission Official

A scrap yard in Hamburg Germany. | Alexander Koerner  Getty Images

A scrap yard in Hamburg Germany. | Alexander Koerner Getty Images

Yesterday, 22 European Countries met in Brussels on what has been called "Digital Day 2018".

Europe should be home to blockchain and play a leading role in its development, says Andrus Ansip, VP of the European Commission.

Europe will not have a digital future if "adequate investment" is not ploughed into advancements such as blockchain and artificial intelligence, the vice-president of the European Commission has said. As with AI: we should make the most of this new opportunity to innovate.

Some EU member states already allow consumers to jointly sue a company for compensation, but there is no effective EU-wide tool.

The event highlighted how blockchain will work with other next-generation technologies to create a more digitally friendly and capable Europe.

Blockchain, it has been claimed, has the potential to create opportunities to enhance services in both public and private sectors, notably making better use of public sector information while preserving data integrity, and providing better control of data by citizens and organisations interacting with public administrations, reducing fraud, improving recordkeeping, access, transparency and auditability, within and across borders.

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She also wanted the legislature to implement a hotel tax that was passed last month but later halted by lawmakers. The Senate approved two additional bills on Friday that are created to raise $40 million more for schools.

The afternoon was partially devoted to the Blockchain Partnership Initiative, which was featured in a session devoted to ensuring Europe "seizes all the opportunities offered by a transformative blockchain ecosystem".

This approach should allow all members equal input to creating an enabling ecosystem that supports full compliance with European Union regulations and that will encourage blockchain based services to succeed across Europe.

In a speech centered on digitization, a vice president of the European Commission - the executive arm of the European Union - pinpointed blockchain technology as an area that EU nations ought to be committing to.

The Partnership will also be a vehicle for co-operation amongst European countries to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.

In February, the commission the EU Blockchain Observatory and Forum in partnership with the ethereum startup ConsenSys, an effort it would invest €300 million in blockchain-related projects. It plans to allocate around Euro 300 million more to blockchain by 2020. United States companies do have access to investment because there are more investment funds out there.

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