The European Commission launches Observatory and forum for the development of the blockchain

The European Commission (EC) intends to Fund projects on the basis of blockchain, said the European Commissioner for the digital economy Mary Gabriel at a press conference. In particular, with the support of the European Parliament, the EC creates the Observatory and forum, which will tell about the key events in this field, to promote European market participants and to strengthen cooperation with stakeholders involved in the development of technology.

«The technology of the blockchain is a huge achievement. It provides a high level of traceability and security for online transactions. It is expected that it will have an impact on digital services and transforming business models in many different areas such as healthcare, insurance, Finance, energy, logistics, management of intellectual property rights or public services,» – said the EC.

According to the Vice-President for digital single market Andrus Ansip, the EC intends to build a European base for talents and startups to become the world’s leading region to invest in the development of technology.

Vice-President, responsible for financial stability, financial services and capital markets Valdis Dombrovskis said that the blockchain could transform the financial services and markets.

«I see the blockchain as a key player, and want Europe was in the forefront. We need to create the right environment – a single digital market of the blockchain, instead of taking disparate initiatives. Run the Observatory and the forum is an important step in this direction», – Maria Gabriel.

She recalled that the EC finances projects on the basis of the blockchain through the research programme of the European Union in 2013. By 2020, the regulator intends to Finance projects for implementation of technology of the blockchain in the amount of 340 million euros.

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