EU Parliament Rep proposes €1 million budget for blockchain research

Innovation | September 1, 2016 By:

A member of the European Parliament has proposed a budget amendment to spend €1 million to create a task force aimed at studying blockchain and distributed ledger technologies.

The push for funding comes months after the legislative arm of the European Union (EU) first approved the task force, proposed by MEP Jakob von Weizsäcker earlier this year.

“This pilot project aims at creating a Task Force, staffed with regulatory and technical experts, in order to build up technical expertise, regulators capacity and develop use cases, especially for governmental applications, in the field of distributed ledger technology (DLT) as proposed in the Resolution of the European Parliament on virtual currencies,” said Jakob von Weizsäcker.

He noted that although the use of blockchain technology and its applications are limited in size currently, it might change soon driven by significant investments and network effects.