European Commission Backs Blockchain Pilot With €500k Budget

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The European Union’s government department is establishing an “observatory” centered on blockchain as a part of a wider pilot venture.

Unveiled earlier this week, the initiative, in accordance with the European Commission, seeks to to “gather opinions and to voice concerns around Blockchain and DLT”. The Commission plans to solicit proposals from attainable companions throughout the second quarter of this yr.

Late final month, the Commission revealed that it will search to enhance its institutional information by means of the pilot, working in tandem with a task force created by the European Parliament final yr.

The announcement consists of some new particulars concerning the pilot, together with its two-year period and its €500okay finances. And whereas the scope of the venture facilities totally on schooling, there do seem like some sensible components, together with a plan to “build and animate a platform for the European blockchain community”.

Ultimately, the pilot may result in new insurance policies within the EU centered round blockchain.

As the Commission defined:

“The purpose will be to inform and assist the European Commission in understanding what role – if any – European public authorities should play to encourage the development and up-take of these technologies and to formulate related policy recommendations.”

Whether any of the assessments translate into precise functions of the tech by the Commission stays to be seen.

However, in accordance with the announcement, the physique mentioned it needs “explore possible use cases with a value added at EU level” – indicating that such approaches are attainable.

EU picture through Shutterstock

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