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EC Launches Blockchain Partnership Initiative at EU DD18

12 April 2018

Europe will not have a digital future if "adequate investment" is not ploughed into advancements such as blockchain and artificial intelligence, the vice-president of the European Commission has said.

Further, the EC announced that it will form a European Blockchain Partnership to "promote interoperable infrastructures", though no further details are available at this time.

At the event, Andrus quoting Atomico - a British global technology investment company, claimed that Europe is "home to the world's leading AI research community", while the European technology sector claimed that Europe is "best positioned to play a leading role" in Blockchain as well.

Some EU member states already allow consumers to jointly sue a company for compensation, but there is no effective EU-wide tool. A large number of Member States agreed to work together on the opportunities and challenges brought by AI.

As we are still members of the European Union until the Article 50 process has passed, I assume we would remain within the European Blockchain Partnership.

During the event, 22 EU countries signed a declaration on the establishment of a European Blockchain Partnership.

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The collaboration is aimed to avoid "fragmented approaches" to the technology by sharing technical and regulatory expertise among member states, as well as creating ways to promote blockchain applications across the EU-wide Digital Single Market.

Blockchain, it has been claimed, has the potential to create opportunities to enhance services in both public and private sectors, notably making better use of public sector information while preserving data integrity, and providing better control of data by citizens and organisations interacting with public administrations, reducing fraud, improving recordkeeping, access, transparency and auditability, within and across borders.

Blockchain, it is suggested, makes it possible to share on-line information, agree on and record transactions in a verifiable, secure and permanent way.

The EC is also inviting other members of the EU and the European Economic Area to join the European Blockchain Partnership.

Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission's vice president, Andrus Ansip, is the latest to voice his support for the technology. The press release states that the EC has now invested more than 80 mln euros in blockchain projects already and now has 300 mln euros to be distributed to blockchain development by the year 2020.

Through the VentureEU programme, the European Union will fund six venture capital funds-of-funds to the tune of €410m with a view to the funds raising up to €2.1bn from public and private investors.

EC Launches Blockchain Partnership Initiative at EU DD18