The European Commission creates a blockchain-an Observatory to study the development potential of the ecosystem

The European Commission creates a blockchain-an Observatory to study the development potential of the ecosystem

The interest of European Union to the blockchain technology and its application led to the creation of the blockchain Observatory and forum.

February 1, 2018, the European Commission (EC) announced plans to create a “blockchain Observatory and forum” with the goal of “a more active study and development of new technologies in Europe”.

European Union officials will cooperate with the multi-vector company ConsenSys on the basis of Ethereum for the in-depth analysis and expert collaboration to explore the potential uses of blockchain technology.

In Brussels, the EU Commissioner for digital economy Affairs Mariya Gabriel said that he wants Europe was the first in the development of new technologies: “I think blockchain is the technological revolution, and I want to see Europe at the forefront of its development,” she said. “We need to create an enabling environment – blockchain digital Single market, instead of the confusion all people can benefit from it. The creation of the blockchain Observatory and forum, the EU is an important step in this direction.”

According to Gabriel, the EU works with blockchain systems for quite a long time. “We are funding the blockchain projects in 2013. The investment amount will soon reach 100 million euros.”

In one of these projects, My Health, My Data is used on blockchain technology that allows peer-to-peer infrastructure to work together with access control systems that provides secure storage and control of medical data. The system uses the executable codes distributed contracts to manage data and access rights.

Gabriel also stressed that despite promoting synergies between research projects covering different countries of the world, this initiative came at a time of acute shortage blockchain developers.

Another EU initiative is the creation of a digital Single market that is an attempt to merge 28 national markets. Vice-President digital Single market Andrus Ansip admitted: “technologies Such as the blockchain can help to reduce costs, while increasing confidence, control and security.”

Ansip also referred to the possibilities of technology to improve security in the Internet by eliminating intermediaries. He said, “We want to create great startups, attracting significant potential in Europe to become a world center, which will develop and invest in the development of blockchain technology.”

Commissioner for financial services, the EU Valdis Dombrovskis also addressed the question of how blockchain technology can change the financial services market:

“Of all the technologies that are digital innovation, the blockchain technology has the potential to completely transform financial services and their markets. Blockchain-the Observatory and the forum will monitor developments and report to our political steps.”

Not all share the view of Gabriel in the development of blockchain technology. The legislator of the European Parliament Jakob von weizsäcker reacted critically to the ability of one system to dominate over the other. He said: “If everyone will use one single platform, it will clearly lead to the emergence of a monopoly in the market.”

Dombrovskis also warned about the use of cryptocurrencies, stressing that “they should not become a symptom of the illegal action or object is empty speculative bubbles”. Comments Dombrovskis consistent with its position on the protection of the rights of consumers on the market of cryptocurrency, which he expressed in anticipation of the plan updates the policy regulation European Supervisory authorities.

Because such intentions contribute to the consolidation of the experience and research efforts in the blockchain ecosystem, the creation of the blockchain-the Observatory and the forum will help state leaders and policymakers seeking to maximize the integration of these systems, to study and adopt the benefits of blockchain technology.

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