No entity in the world is unconvinced blockchain technology is worth pursuing. Although most projects are still in the creation stage, the EU Commission is taking things one step further. Their goal is to create transparent and compliant guidelines. How all of this will play out, heavily depends on a new study which was launched recently. A total of 250,000 EUR will be spent on assessing the feasibility of EU Blockchain Infrastructure.
It is good to see the EU Commission pay attention to blockchain technology. More specifically, everyone knows what this technology is all about right now. However, it remains to be seen how feasible this technology is for large-scale projects. We are not talking about a bank-level type of project either. Instead, there is a plan to create an EU Blockchain Infrastructure as a whole. All of this can only be achieved through proper guidelines and a transparent and transaction environment.
A Proper Study on Behalf of the EU Commission
By conducting this study, the EU Commission launches an intriguing venture. It will set them back 250,000 Euro, which is only a drop in the bucket, though. This money will be well spent, regardless of what the study brings to light in the end. It is evident the EU Commission wants to create the right conditions for an open and innovative law-compliant data environment. That is much easier said than done, to say the very least.
The first order of business is determining how and when blockchain technology can be of use. Although the opportunities are virtually limitless, there will be some industries of bigger interest compared to others. Public authorities want to embrace this technology to deliver European services and implement policies. At the same time, one has to keep in mind this technology brings quite a few challenges to the table as well. Addressing these potential roadblocks will be a different matter altogether.
In the end, this study will be very interesting to keep an eye on. It is evident there is a growing demand for blockchain-based solutions within the European Union. How the EU Commission will decide to tackle things, remains a big question. Improving engagement between the private sector and the authorities will be a critical aspect to address. An interesting future lies ahead for blockchain within the EU, that much is certain.
Header image courtesy of Shutterstock