EU Science Hub publishes Blockchain Report | BTC-ECHO
The Research Wing of the European Union (EU), the Science Hub, recently published a report on the present and future of blockchain technology. In it, the Joint Research Center of the EU deals with the current state of technology.
The study entitled "Blockchain Now and Tomorrow" deals with the opportunities and risks of distributed ledger technologies in terms of business and society. The authors also trace various use cases and regulatory strategies of blockchain technology on a global scale.
Apparently, China therefore has the highest number of blockchain start-ups. There is also an increase in investment in companies worldwide. The investment volume has grown from $ 450 million in 2014 to $ 3.9 billion in 2017 and $ 7.4 billion in 2018. According to the EU Science Hub report, Europe has less than 20 start-ups per country. Meanwhile, most companies have settled in software and financial services.
EU Science Hub emphasizes regulatory efforts
The authors also underline the legislative efforts of international organizations such as the European Commission. The report states that legislators are working on integrative solutions. For example, these, like governments and civil society, involve industry in their decision-making process. They are also committed to greater transparency and the rule of law.
The report of the EU Science Hub concludes:
Blockchain applications can have far-reaching impact in political, economic, social, technical and political areas. They can be found, for example, in economic and business-based models, as well as in governance mechanisms and relationships. A change in these spheres requires a combination of different areas of knowledge, including computer science, economics, public finance, the environmental sciences and social and political science.
Despite the significant potential of the report for blockchain applications, the report also mentions the risks that the technologies create. Challenges therefore exist in the standardization of the possibilities for blockchain technology. In particular, the science hub points to the need for regulatory sandboxes in the crypto-business to overcome any hurdles.
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