EU Seeks to Understand Impact of Blockchain Technology

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European Union And Blockchain – The Big Impact

The European Union (EU) is just one of many governmentally-related organizations to be interested in blockchain technology. Unlike other countries who are currently adopting it via the acceptance of Bitcoin, as a cybersecurity boost, or as a leader in the technology. (See Canada’s blockchain undertakings here!) There are many other examples of governments undertaking blockchain as a viable technology. European Union and blockchain technology are about to be a well-known around the world.

So, because the European Union is comprised of a number of member states, studies and policies affect a larger population of people. Much like the United States, the EU requires compliance and cooperation by everyone involved in the blockchain project. A committee at the organization has realized the potential of what blockchain can truly do. As we know, the technology has the ability to impact everything from the way financial institutions do business, to assisting in humanitarian efforts, and boosts efforts towards ending issues regarding cyber security.

Choosing to Create a Blockchain Observatory

Members of the EU have determined that an observatory is necessary, in order to fully understand the full potential of this technology. Of course, blockchain reaches farther than anyone can see at first-glance, second-glance, or fifty-third-glance. Because it is an open-source platform, it changes literally every day.

This observatory is aimed at truly delving into how blockchain technology may impact the lives of Europeans and beyond. It hopes to have a better grasp of how far-reaching and bast the technology truly expands. There is so much that’s still relatively unknown, or yet-to-be-discovered in terms of technology. Owing to this, the EU has chosen to begin the blockchain discussion. Understanding the new technology is of the utmost importance to move forward in the world of the Internet 2.0.