The European Commission has launched an EU Block-Watch Technology Forum with the support of the European Parliament. The Forum Observatory will monitor and highlight the main developments of this technology while strengthening European cooperation among those involved in activities that require the use of the blockchain.
Blockchain technology, which stores bundles of information distributed over the entire network, has become more widely known because it supports the creation of cryptoscos such as Bitcoin. However, in the future, it is expected to affect digital services in many other areas, such as healthcare, insurance, finance, energy, logistics, intellectual property rights management and public services.
Blockchain technologies have great potential to make online social contacts and financial transactions safer, providing protection against cyber-attacks and eliminating the need for intermediaries. Europe intends to develop blockchain technology and invest in its implementation. The new forum-observatory will contribute in this direction.
Since 2013, the European Commission has funded projects based on blockchain technology through EU research programs such as Horizon 2020. By 2020 it will allocate up to EUR 340 million to finance programs using blockchain technology.
But many EU member states have announced their own initiatives as they seek to increase the use of blockchain technology. The European Commission wishes to coordinate and strengthen these national initiatives. The EU forum will, among other things, bring together know-how in this area, facilitate cross-border cooperation on practical issues and be an open forum for blockchain technology specialists.