European Commission launches EU Blockchain observatory and forum


In order to further expand its institutional knowledge of Blockchain and distributed ledger technologies, European Commission launches EU Blockchain observatory and forum.

2 February, AtoZForex One of the startups in the Ethereum ecosystem, ConsenSys, will be working with European Commission on the EU Blockchain Observatory and Forum project. The project has officially kicked in this Thursday.

European Commission launches EU Blockchain observatory and forum

EU Blockchain Observatory and Forum aims to fund up to €340 million ($425 million) in blockchain projects. The EU Commission has previously talked about this initiative in spring 2017. That time, the organization has mentioned its intention to expand institutional knowledge of Blockchain and distributed ledger technologies.

The European Commission has stated:

“As an important actor in the blockchain community, ConsenSys will bring strong commitment to blockchain development, solid expertise and connections with the global blockchain ecosystem, and an entrepreneurial approach to engage with stakeholders and experts in the EU and worldwide.”

ConsenSys is a global “venture production studio” that offers software primarily for the Ethereum. Blockchain. The company has been founded by Joseph Lubin, one of the most influential Blockchain persons in 2017.

How can Blockchain help EU markets?

The EC’s announcement has stressed the intention of the organization to mobilize the Blockchain for the European market benefit. Moreover, it noted that the key aim of the EU Blockchain Observatory and Forum is to develop the existing projects to make sure they are valid across borders.

Mariya Gabriel,  the Commissioner for the Digital Economy and Society, has commented:

“I see the blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment – a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction.”

The EC vice president in charge of financial stability, financial services and the Capital Markets Union, Valdis Dombrovskis, stated that the Observatory will also provide guidance for EU policymaking.

He highlighted the idea of Blockchain, stating that “among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets.”

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