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European Commission Eyes Blockchain Currency

European Commission Eyes Blockchain Currency

The European Commission (EC) is committing resources to support the development and use of blockchain technology in the European Union (EU), through a new organisation.

The EC has set up a blockchain Observatory and Forum, which will monitor blockchain developments and ensure EU organisations are engaged in the industry.

Distributed ledger technology blockchain, allows for data to be securely stored and shared with certain parties through a network, and is best known as a financial services technology because it underpins the cryptocurrency Bitcoin.

Robert Half Financial Services, said recently that most financial business leaders are already convinced about blockchain’s position in the sector.

A report from Robert Half said: “Overall, 85% of financial services executives believe blockchain will have made a genuine impact on the financial services industry by 2022.

“Those that have implemented blockchain already report experiencing benefits, including empowered users (54%), increased transparency (54%) and faster transactions (42%).”

The EC has been funding blockchain projects since 2013 through the EU’s research programmes FP7 and Horizon 2020.

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