Blockchain Observatory And Forum Launched By European Commission

Announcements, Blockchain | February 2, 2018 By:

The European Commission (EC) has launched the EU Blockchain Observatory and Forum (BOF) to boost blockchain activities in the region.

With the support of the European Parliament, the new initiative is proposed by Member of the European Parliament Jakob von Weizsäcker, who is responsible for the recent report on virtual currencies. The initiative is intended to support the EC’s work on financial technology. The project will highlight key developments of blockchain technology and promote European actors to accelerate the growth and adoption of blockchain within the EU.

EC officials will work together with the ethereum development studio ConsenSys to provide analysis as well as collaboration in the pursuit of applicable use cases for blockchain technology. The BOF will promote an open forum for blockchain technologists, innovators, citizens, industry participants, regulators and other stakeholders to discuss and develop new ideas in order to learn, engage and contribute in an open way.

“Among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets,” said Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union. “The Blockchain Observatory and Forum will monitor developments and also inform our policy making.”

Mariya Gabriel, European Commissioner for Digital Economy and Society, said she saw blockchain as “a game changer.” She said the observatory and forum is an important step 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 European Commission said it has been actively supporting blockchain projects through the EU’s research programs FP7 and Horizon 2020, adding that it will fund projects working on blockchain technologies for up to €340 million up to 2020.