Blockchain technology: the adoption of Blockchain in Europe will move to a whole new level with current initiatives


Adoption is important for the survival of any technology. No matter how effective an emerging technology is, it will not reach its full potential if it becomes widely adopted. Blockchain technology is one of the new generation technologies that has the potential to change the way society works for the best. Many governments have tried to take advantage of this new technology even if some are afraid of it.

Europe takes important measures for the adoption of blockchains

For months, the European Union would have studied and observed the technology of the distributed ledger. Now they are taking an important step in the industry that will surely influence adoption. The Forum and the Blockchain Observatory of the European Union, launched in February, published three different reports on their progress. The first that was released in July was nicknamed "Blockchain Innovation in Europe". What was released in October was dubbed "Blockchain and the GDPR". What was released this month has been dubbed "Blockchain for Government and Public Services".

In April 2017, Norway, together with 21 Member States of the EU signed a declaration to create the European Blockchain partnership. Five other countries have joined the initiative this year and others will be joining with the passage of time. The goal of the partnership is to focus on some aspects of blockchain technology such as privacy, IT security, interoperability and energy efficiency, in compliance with EU legislation.

Blockchain European partnerships will nurture adoption

The European Union has also made commendable partnerships that will strengthen its position on all that is blockchain. In the fall, a report stated that the European Union will increase its investments in DLT and blockchain projects to $ 386 from $ 94 by 2020. The government has a positive opinion of the sector and this opinion it is based on different facts. The European Commission is liberalizing the regulations within the industry. This is why he created a task force with the sole purpose of exploring the technology.

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In October 2018, the European Parliament issued a resolution with the title: "Distributed accounting systems and blockchain: building trust with disintermediation According to the resolution, decentralized Ledger technology can potentially influence every sector of the industry. economy, however, the European Union focuses on its efficiency in public governance, health care, finance, data protection, education, transport, rights of & # 39; author, etc.

The future of Blockchain technology in Europe

Last week, Ripple, Emurgo, NEM Foundation and Fetch.AI created an association called "Blockchain for Europe". The goal of this initiative is to help the EU shape its global blockchain agenda by educating the public and parliament about the potentials of blockchain technology. This association will also develop intelligent regulation of the sector.

At present, the European Commission is more concerned with promoting the use of technology than being involved in a global regulatory framework. They are working to promote regulations at the national level. This is why it is not surprising that seven Southern European countries signed a declaration on December 4, which calls for help from the European Commission in promoting blockchain technology.

If the European Union continues to have this positive mentality towards the industry, it will eventually become the global leader in decentralized Ledger technology. The only thing that could hinder adoption is the fact that the European Union may be more concerned with bringing legal power to the industry rather than creating awareness. To this too, it is already becoming a blockchain hub.

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