EU Teams Up With Blockchain Startup ConsenSys To Launch Blockchain Observatory
The European Union seems to be venturing into the blockchain industry following the latest announcement that it has teamed up with a popular startup called ConsenSys to create a blockchain observatory.
The launch of the EU’s new blockchain observatory was announced on Thursday last week, highlighting the partnership with the Ethereum-based startup. The launch of the blockchain observatory follows a previous announcement by the EU about its plan to expand institutional knowledge through research in blockchain and decentralized ledger technologies. The newly set up research measures will focus on major developments that are possible through blockchain technology.
The aim of the new European Union observatory will be to promote more engagement from stakeholders within the blockchain society in Europe while also promoting actors within the region.
The EU had this to say about ConsenSys’ involvement in the blockchain observatory: “As an important factor in the blockchain community, ConsenSys will bring strong commitment to blockchain development, solid expertise and connections with the global blockchain ecosystem, and an entrepreneurial approach to engage with stakeholders and experts in the EU and worldwide.”
ConsenSys is popular for implementing software solutions, especially within the ethereum blockchain. The startup was founded by Joseph Lubin who is considered one of the key influencers on the ethereum blockchain.
The European regulatory body’s new venture into blockchain research through the new blockchain observatory highlights the commitment towards the need to exploit decentralized ledger technology. The overall goal of this move is to determine how to best use this technology to benefit the European market.
Andrus Ansip, the Vice President for the Digital Single Market stated that technologies such as blockchain may be ideal towards increasing trust, security and traceability in systems while also lowering the costs involved. He also added that this technology could potentially be used toimprove the level of security in economic and social transactions. This is possible because the technology eliminates the need for middlemen and also wards off attacks.
Digital Economy and Society Commissioner Mariya Gabriel stated that she believes blockchain technology is a game changer and that she expects Europe to be at the forefront of developments from this technology. She also stressed the importance of creating the right environment that will benefit all citizens. Gabriel also pointed out that the EU’s new blockchain observatory is one of the first major steps towards the achievement of those goals. It will gather information and create opportunities that will speed up the realization of the untapped potential.