European Commission allocated €250 000 for studying blockchain technology possibilities

The European Commission has started a study of the possibilities of blockchain technology as a public policy tool. According to Global Custodian, €250 000 was allocated to study this issue.

EU infrastructure on blockchain is planned to be used for conducting open, reliable and transparent transactions, as well as transferring related data. The question is whether the technology can provide conditions that meet these criteria and EU legal standards.

Researchers are also focused on determining the costs associated with the blockchain introduction. The study will establish the type and degree of intervention required, its price and application terms in Europe.

“The overall objective is to help creating conducive environments for implementing more effective public policies, easing private sector engagement with the authorities, developing innovative ecosystems and applications,” the Commission said.

Thus, the Commission plans to strengthen the competitive advantage of Europe and its blockchain innovators on the global market. A tender is carried out for the project implementation, applications for which are accepted until January 19, 2018.

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