Progress Made: EU Countries Sign Blockchain Partnership

Progress Made: EU Countries Sign Blockchain Partnership

Andrus Ansip pointed out the importance of becoming the world leader in digital technology and called on the European Commission to give full support to the European technology sector "both politically and financially". In March the commission stated its intentions to launch a joint regulatory framework on Fintech, which will include crowdfunding and Blockchain technology standards. Earlier and better diagnosis of diseases, safer roads - this is only a glimpse of what embracing digital change can look like.

He added, " People are starting to feel the benefits of tearing down digital borders: the end of roaming charges and unjustified geo-blocking, portability of online content.

Part of this push for standardization is the General Data Protection Regulation, which will govern the treatment of European Union citizens' personal data beginning in May. "With VentureEU, Europe's many innovative entrepreneurs will soon get the investment they need to innovate and grow into global success stories".

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.

Ansip said, "In Europe, any successful strategy dealing with AI needs to be cross-border. That is excellent news".

The European Commission (EC) has announced that 22 member countries have signed a declaration on the establishment of a European Blockchain Partnership. The partnership sees it's ultimate goal as that of ensuring Europe stays at the forefront of blockchain technology development and implementation.

More news: Trump to skip South America summit to focus on Syria

The EIF and commission said that, in 2016, VCs invested about €6.5bn in the European Union compared to €39.4bn in the US. Around £260m more is to be allocated to blockchain by 2020.

Commissioner for Digital Economy and Society Mariya Gabriel supported the Blockchain Partnership Initiative by saying:"In the future, all public services will use blockchain technology".

"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", Gabriel said.

"Too often during my mandate, I have heard that EFSA is in the hands of industry, " said European Health Commission Vytenis Andriukaitis.

The €410m will come from existing programmes, including the European Fund for Strategic Investments, the so-called "Juncker plan" to boost EU economic growth. "As a result, the government share of investment in VC funds more than doubled from 2008 to 2014", the Commission said.

Related Articles