European Commission wants EU to take the lead in blockchain

European Commission wants EU to take the lead in blockchain

Giving the opening speech at the EC's Digital Day in Brussels, Ansip urged Europe to take advantage of the opportunity presented by blockchain technology to make innovations that will drive the continent forward.

In February, the commission the EU Blockchain Observatory and Forum in partnership with the ethereum startup ConsenSys, an effort it would invest €300 million in blockchain-related projects.

The event highlighted how blockchain will work with other next-generation technologies to create a more digitally friendly and capable Europe.

Digital Day 2018 has led to the signing of a Declaration to create a European Blockchain Partnership made of up 22 countries, according to an April 10 European Commission press release. "With VentureEU, Europe's many innovative entrepreneurs will soon get the investment they need to innovate and grow into global success stories".

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The European Commission brought prominent digital technology stakeholders from across Europe together with the aim of reaching joint commitments to bolster the European Union's digital future. The afternoon session was dedicated to the Blockchain Partnership Initiative.

Separately, the European Commission is proposing EU-wide fines of up to 4 percent of a company's annual turnover in each member state for firms found guilty of widespread infringements. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. It plans to allocate around Euro 300 million more to blockchain by 2020. "The Partnership will be a vehicle for cooperation amongst Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors", the statement read.

"Too often during my mandate, I have heard that EFSA is in the hands of industry, " said European Health Commission Vytenis Andriukaitis. At the same time, the continent's startup ecosystem has been surging thanks to big investments by the European Union, which is counting on entrepreneurs to give the region an economic boost.

The six funds are to be managed by Aberdeen Standard Investments, Axon Partners Group, IsomerCapital, LGT, Lombard Odier Investment Managers and Schroder Adveq.

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