What Are the 4 Key EU Blockchain Initiatives that You Should Know? (Part 2)
Following Part 1 of our analysis, we continue on the key blockchain initiatives by the EU, namely the European Blockchain Observatory and Forum and the European Blockchain Partnership (EBP).
3) The European Blockchain Observatory and Forum
As a European Parliament pilot project, the European Blockchain Observatory and Forum aims to provide a comprehensive knowledge database of blockchain and advise the role of the EU in fostering blockchain development.
The research reports provided by the European Blockchain Observatory can shed light on the blockchain initiatives carried by the EU. There are 3 reports issued by the Observatory recently.
a) “Blockchain and Digital Identity” – Published 2 May 2019, on blockchain application in digital identity such as self-sovereign identity (SSI) and decentralized identifiers (DIDs);
b) “Tokenization of physical assets and the impact of IoT and AI” – Published 10 April 2019, on the key role of blockchain in digital transformation by providing trust and allowing the tokenization and identification of physical objects; and
c) “Scalability, Interoperability and Sustainability of Blockchains” – Published 6 March 2019, on how the EU should address the three key issues of blockchain: scalability, interoperability and sustainability.
4) The European Blockchain Partnership (EBP)
The European Blockchain Partnership was launched 10 April 2018 with 21 EU member states initially. According to Mariya Gabriel, Commissioner for Digital Economy and Society, this partnership enables member states work together with the EC to turn the enormous potential of blockchain technology into better services for citizens. There are 29 member states to date, which Hungary and Liechtenstein joined the partnership this year.
Faith of Blockchain or Crypto by the Europeans?
Despite the active pursuance of blockchain technology by the EU, there is still a long way to go for blockchain go viral among European nations. According to the survey by Japanese crypto exchange bitFlyer, 63% of Europeans believe crypto are “here to stay” for the next decade, with Norway the most optimistic nation of 73% (See Exhibit 1).
Exhibit 1: Will Cryptocurrencies Exist for the Next Decade?
Source: bitFlyer, Blockchain.News data
Exhibit 2: Will Bitcoin Become an Investment and Security Tool for the Next Decade?
Source: bitFlyer, Blockchain.News data
From Exhibit 2, only 7% of Europeans in average believe Bitcoin will be an investment tool for the next decade. We believe that in general Europeans still do not aware of the benefit of blockchain technology into their daily lives. This needs to be addressed by the EU in future.