With the support of the European Parliament European Commission launches the EU Blockchain Observatory and Forum. The aim of the program is providing more visibility to blockchain actors and building on existing technology initiatives.

Andrus Ansip,Vice-President for the Digital Single Market, said:

“Technologies like blockchain can help reduce costs while increasing trust, traceability and security. They have huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman. We want to build on Europe’s substantial talent base and excellent startups to become a leading world region that will develop and invest in the rollout of blockchain.”

The Commision said that the observatory will form platform for the European blockchain community and provide up-to-date information. It will focus primarily on gathering information, monitoring and analysing trends, addressing challenges and exploring blockchains’ socioeconomic potential.

Blockchain technology is usually associated with cryptocurrencies, nevertheless it offers a lot of other real and potential services with digital support. The Commision announced that it plans to analyze its potential to improve cross-border European services in taxes, VAT reporting, health records management, business registries, financial, environmental and company reports and etc.

Up to 2020, through the European Union’s research programmes FP7 and Horizon 2020 the Commission will fund projects that could related to blockchain technologies for up to €340 million.