EU embraces blockchain technology

EU embraces blockchain technology

World February 1, 2018 15:51

brussels - The European Commission sees a great deal of potential in blockchain technology, with which digital information is cut into pieces and stored in a decentralized manner. Blockchain can be a new foundation for large parts of our economy, said EU Commissioner Mariya Gabriel (Digital Economy and Society) at the launch of the EU Blockchain Observatory and Forum, which should bring together the best experts.

The ambition is for the EU to become a world leader in the development and rollout of blockchain. 'Europe can not afford to miss this opportunity. 'In addition to businesses, citizens can also benefit from it, according to Gabriel.

Blockchain technology offers security in business transactions and has already gained a foothold in the financial sector, but also in the healthcare, logistics and insurance world. The technique forms the basis of cryptocurrency as the bitcoin. Blockchain is a kind of digital logbook, in which all actions are kept by all participants, so that it can not be tampered with.

Through research programs, the EU will invest € 340 million in block-house related projects until 2020.

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