EU Report Proposes Implementation of Blockchain Interoperability Standards

A recent report by the European Union (EU) gave recommendations on better ways to develop Blockchain technology. These options include the implementation of scalability and interoperability standards. This Blockchain report was published in March and given by the EU Blockchain Observatory and Forum.

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Scalability, Interoperability and Sustainability of Blockchains

The EU report is dubbed the “Scalability, Interoperability And Sustainability of Blockchains.” It was prepared by ConsenSys (a renowned blockchain tech company) for the EU Blockchain Observatory and Forum. The report gives insight into the Blockchain updates in that part of the world. Basically, it is about the current and future position of the Blockchain in Europe. This was measured after consideration of input from related stakeholders and other sources.

The publishers of the report recommended certain standards for interoperability and digital identities between Blockchains. According to them:

We can expect that with time it’s going to be much easier for disparate Blockchains to coexist. This should benefit the Blockchain ecosystem.”

According to the report, there is a growing need to offer support for basic research and deployment of infrastructure-based endeavors. Here are the details:

“In the current framework, the EU is actively supporting Blockchain research in multiple ways. These options include the EU Blockchain Observatory and Forum, the allocation $382 million to facilitate Blockchain projects under the Horizon 2020 initiative. While these avenues are laudable, the European Union must not sit back now. The U.S. and China have shown strong support for the research and deployment of Blockchain. China has even gone as far as including it in its $700 billion defense budget.

Industry Players and Policy Makers Should Cooperate to Improve and Develop Blockchain

The report also advises industry players and policymakers to fully cooperate in the improvement and development of Blockchain technology. It recommends that the European Union adopts a wait-and-see model and grant projects time to experiment and learn. All of which should be before the creation of the new Blockchain standards or governance regulations.

What’s more? The report encourages policymakers to promote educational and research initiatives, and fiat money on-chain. This will help facilitate Blockchain-backed payments and encourage the use of smart contracts.

Finally, the publishers of the EU report, suggest that governments should interact with Blockchain technology. This can be achieved when they act as identity providers or data oracles. Hence, indicating the importance of being prepared for new possibilities and models in the sphere. It has to be said that, the need to calm tensions between the GDPR (General Data Protection Regulation), legal position of digital assets, smart contracts and Blockchain technology.

This Year Will Definitely See a Paxos’ Precious Metal-Backed Cryptocurrency Launched

In another Blockchain technology report, trust company Paxos’, will launch a digital token backed by precious metals this year.” The company CEO, Chad Cascarilla said in an interview with Balancing the Ledger. The interview was reported on March 11.

During the Cascarilla’s interview, the CEO was asked whether Paxos was working on any gold-backed digital asset. This is what he had to say:

It is something we are definitely going to see this year. We are really excited about this concept. I believe precious metals are obvious commodities and gold is the most obvious of them all. Being able to tokenize it is a wonderful thing.”

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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