On February 1st, 2018, the European Commission has launched the Blockchain Observatory and Forum (BOF).

The European Union, (EU) realized the need to be part of the digital single market with regards to blockchain technology. This new development is going to boost European actors to engage with multiple stakeholders working on such blockchain activities.

Blockchain technology has taken a blow in the industry of cryptocurrencies and is seen as a major breakthrough. Blockchain stores information which is then distributed to a chain of networks storing data provided. This system is of high security and reduces the risk of hackers to steal data, hence bringing a high level of traceability. In the coming future, blockchain will help to transform business models in various areas, some of which are healthcare, finance, intellectual property right management and government services.

‘Blockchain…have (a) huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman’ said Vice-President for the Digital Single Market Andrus Ansip.

Furthermore, Mr Ansip stated that through BOF, they would help create and European talent base for prominent start-ups to develop and invest in the rollout of the blockchain.

Mariya Gabriel, Commissioner for the Digital Economy and Society, stated that she wants Europe to become a game changer in this new development.

BOF role is to seize new opportunities being offered by blockchains in Europe. This has resulted in many European innovators and entrepreneurs in different public and private sectors are engaging in this pilot project.

BOF will work by gathering information, monitor this information, analyse trends and be addressing challenges thus exploring blockchain socioeconomic potentials in European countries.

The European Union hopes that this will help cross-border cooperation and bring together Europe’s best experts in the field to work together on this exciting new project. Europe has the potential of becoming a leading source of blockchain technology.

More information may be found on: http://europa.eu/rapid/press-release_IP-18-521_en.htm

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