European Union Commits 250k Euro To Studying Blockchain Technology

Reported on November 13, 2017, the European Commission will engage in a study of blockchain technology, setting aside 250,000 euro to test the conventionality of an EU Blockchain Infrastructure.

According to the report, the commission will research the application of blockchain-based systems towards advancing its goal of creating an "open, innovative, trustworthy, transparent, and EU law compliant and transactional environment." The European Commission will determine the best manner to make use of the technology taking into account factors of timing and policy. It will also develop an infrastructure that will support blockchain-powered services. In this way the commission hopes to maintain a global competitive edge.

Information gathered from the study will be applied by the European Commission as it seeks to implement a blockchain-based infrastructure. In addition the study will provide insight to the commission on where blockchain technology is best suited for integration.

The European Commission's latest endeavor in blockchain technology represents another step in its ongoing mission to generate public policies that engage members of the private sector with regulators, fostering the development of an ecosystem for applications.

Calls for tenders for organizations who wish to apply to participate in the study will be open until January 19, 2018.