European Union Invest in Blockchain Digital Infrastructure
Ursula von der Leyen, Sep 15, 2021
European Union will invest in blockchain, data infrastructure and high-performance computing as part of a multibillion-euro push to accelerate technology development across the region.
The projects will be organized across several EU countries and add to a regional push toward manufacturing semiconductors after a global shortage forced carmakers to slow production lines.
About a fifth of the EU’s 750 billion-euro ($887 billion) pandemic recovery fund will be spent on digital technology considered paramount for the region, EU Commission President Ursula von der Leyen said Wednesday.
EU Officials want to direct funding in several areas by 2030:
IOTA Foundation selected for EU blockchain network
IOTA is an open-source distributed ledger and cryptocurrency. It has been selected as one of seven contractors by the European Blockchain Partnership (EBP) to develop and enhance pan-European blockchain services. The board of the IOTA network, which is the IOTA Foundation is set to “participate in the first phase” of the EU’s blockchain pre-commercial process.
This stage will see new distributed ledger solutions designed with a focus on energy efficiency and scalability. If selected for the next phase, IOTA could be one of the technologies that will be developed and tested with core European services.
The European Blockchain Partnership EBP was formed in 2018 by all EU member states with a committal “to working together towards realizing the potential of blockchain-based services for the benefit of citizens, society and the economy” CEF Digital.
Realizing the European Blockchain Services Infrastructure (EBSI) is the end goal of this partnership. A network of nodes across Europe to support cross-border services between governments, enterprises, and citizens. “Doing so would improve the efficiency and trust of EU-wide transactions, reduce Europe’s environmental impact, and enhance the mobility of citizens, enterprises, and goods” IOTA said.
Currently in the deployment stage, this network is run on the European level by the European Commission, and on a national level by member countries of the EBP. Planned use cases range from the digital management of educational credentials, the establishment of trusted digital audit trails and document traceability, SME financing, data sharing among authorities, and digital identification.
China European Digital Transformation Cooperation
As developments for Blockchain continue to emerge and digital infrastructure create complex problems and solutions, regulatory and fiscal constraints will require global cooperation. The success will depend on open mindedness, transparency , and secure communication of data systems designed by common understanding and legal safeguards.
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