Blockchain Adoption 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 tech is, it will not reach full potential if it does become widely adopted. Blockchain technology is one of the new generation techs that has the potential to change the way society works for the better. Many governments have been trying to take advantage of this new tech even if some are afraid of it.

Europe Takes Major Blockchain Adoption Steps

For months now, the European Union has reportedly been studying and observing distributed ledger technology. Now, they are taking a major step in the industry that will certainly influence adoption. The European Union Blockchain Forum and Observatory that was launched in February, has released three different reports regarding their progress. The first one which was released in July was dubbed “Blockchain Innovation in Europe”. The one that was released in October was dubbed “Blockchain and the GDPR”. The one that was released this month was dubbed “Blockchain for Government and Public Services”.

In April 2017, Norway, along with 21 EU member states signed a declaration to create the European Blockchain Partnership. Five more countries joined this initiative this year and more will join as time passes. The goal of the partnership is to focus on certain aspects of blockchain technology like privacy, cyber-security, interoperability, and energy efficiency, in accordance with the EU law.

European Blockchain Partnerships Will Fuel Adoption

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

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In October 2018, the European Parliament formed a resolution with the title: “Distributed ledger and blockchain technologies: building trust with disintermediation. According to the resolution, Decentralized Ledger Technology may potentially affect every sector of the economy. However, the European Union focuses on its efficiency in public governance, health care, finances, data protection, education, transport, copyrights, etc.

The Future Of Blockchain Technology In Europe

Last week, Ripple, Emurgo, NEM Foundation, and Fetch.AI formed an association called “Blockchain for Europe”. The goal of this initiative is to help the EU shape its global agenda on blockchain by educating the public and the parliament on the potentials of blockchain technology. This association will also develop a smart regulation of the industry.

At the moment, the European Commission is more concerned about promoting the use of the technology than getting involved in a global regulatory framework. They are more working on promoting regulations on a national level. This is why it is not surprising that seven countries in Southern Europe signed a declaration on the 4th of December calling for help from the European Commission in the promotion of blockchain technology.

If the European Union continues to have this positive mindset towards the industry, it will eventually become the global leader of Decentralized Ledger Technology. The only thing that might hinder adoption is the fact that the European Union might be more concerned about bringing legal power to the industry than creating awareness. Even at that, it is already becoming a blockchain hub.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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