EU throws its weight behind blockchain

The European Commission has launched a new initiative to explore broader uses of blockchain across various sectors. Blockchain technologies, which store blocks of information that are distributed across the network, […]

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By Priyanka Shrestha

The European Commission has launched a new initiative to explore broader uses of blockchain across various sectors.

Blockchain technologies, which store blocks of information that are distributed across the network, are expected to impact digital services and business models in areas including energy, insurance, finance and healthcare.

They are seen as a major breakthrough as they bring about high levels of traceability and security in economic transactions online.

The new Blockchain Observatory and Forum will gather information, monitor and analyse trends, addressing chellenges and exploring blockchain technologies’ socioeconomic potential.

It also aims to enable cross border co-operation on practical use cases, bringing together Europe’s best experts.

Andrus Ansip, Vice President for the Digital Single Market said: “Technologies like blockchain can help reduce costs while increasing trust, traceability and security. They have huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman.

“We want to build on Europe’s substantial talent base and excellent startups to become a leading world region that will develop and invest in the rollout of blockchain.”