Wednesday, February 21, 2024

    European Union Vastly Increases Blockchain Research Funding

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    Blockchain technology will make a big impact all over the world. A lot more research is needed before this technology can go mainstream. As such, it seems the European Union will increase its annual research budget in in the next few years. More specifically, the funding cap will go from 83 million EUR to 340 million EUR by 2020. This fourfold increase is excellent news for blockchain research in general.

    The European Union is quite impressed with the potential of blockchain. More specifically, they see a lot of potential use cases for this technology as we speak. Especially when it comes to administration and businesses, there are plenty of options to explore. Distributed ledgers can provide a high degree of trust, security, and traceability. This applies not just to systems exchanging data, but also financial infrastructure in general. All of this warrants more research into what the future will hold for blockchain technology.

    European Union Excited About Blockchain

    With the EU Blockchain Observatory being created, interesting things will happen. This new effort will focus on technical expertise and regulatory capacity first and foremost. Creating industry-wide standards will not be easy whatsoever. A lot of efforts are underway in Europe in relation to blockchain technology as we speak. With this new European Union-backed venture, things will move along even faster.

    Whether or not public authorities will ever embrace this technology, remains unknown. Before such a decision can be made, more research is needed first and foremost. With information stored across a network in a distributed fashion, big things are bound to happen. At the same time, all companies need to keep the potential risk in mind as well. Without a proper legal framework, this technology will not make a big impact anytime soon.

    With the European Union increasing its funding, the future looks rather bright. A fourfold increase in funding is rather spectacular, though. With a total cap of 340 million EUR to be spent, the European Union has some high expectations, by the look of things. Further details regarding the exact research into blockchain technology remain unknown for now. All things considered, this can only be considered to be a positive trend for distributed elders in general. Especially with an open-minded regulatory approach, this technology can start making a bigger impact very soon.

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