European Commission launches the EU Blockchain Observatory and Forum

EU Launches Blockchain Observatory with Ethereum Startup

The European Commision (EC) has established the EU Blockchain Observatory and Forum (BOF) to combine and develop blockchain initiatives over the European Union (EU).

With assistance from the European Parliament, the BOF is a pilot project suggested by Member of the European Parliament Jakob von Weizsäcker, who’s accountable for the current report on virtual monies. The project is meant to encourage the Commission’s work on fiscal technology. This new initiative will emphasize key improvements of blockchain engineering and encourage European celebrities to hasten the growth and adoption of blockchain inside the EU.

“One of the numerous technologies which are driving digital invention, blockchain has got the capability to be truly beneficial for financial markets and services. The Blockchain Observatory and Forum will track developments and notify our policy making,” explained EC Vice President Valdis Dombrovskis, who’s accountable for Financial Stability, Financial Services and Capital Markets Union.

Most EU member states have announced initiatives using blockchain engineering, as well as the EC would like to guarantee those jobs can work across boundaries, combine experience and tackle challenges like disintermediation, confidence, safety and traceability by layout. Of concern are the numerous initiatives out of banks, insurance companies, stock exchanges and other business industries, resulting in varied systems that can’t operate together.

“I visit blockchain for a game changer and that I need Europe to be in the forefront of its evolution. We will need to set up the proper enabling environment — a Digital Single Marketplace for blockchain in order that all taxpayers can reap, rather than a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in this direction,” said Mariya Gabriel, Commissioner for Digital Economy and Society.

After a call for tenders in July 2017, the EC chosen ConsenSys as their spouse to encourage the Observatory’s outreach in Europe.

“It’s a mission of ConsenSys to empower open, clear cooperation between citizens, governments and associations,” Ken Timsit of ConsenSys France stated toBitcoin Magazine. “The EU was made to allow cooperation between member nations.” This shared vision created the partnership a pretty fantastic fit.

Based on Timsit, ConsenSys will deal with the initiative in collaboration with the Commission, coordinate the preparation of several study reports, and arrange events and workshops so as to collect feedback and input from a high number of stakeholders.

The Commission has been financing blockchain projects across the EU because 2013 and hopes to finance up to $425 million through 2020.

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