We have seen lots of news about blockchain from China, South Korea, and the US. But they are not alone. The European Union has recognized the potential of blockchain technology, as well. As you know Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development, and the provision of specialized services.
the EU has already been spending plenty on blockchain (expected spending for 2019 is $674 million), but that is mostly directed toward research and proof-of-concept according to the blog post on Medium.
Europe is spending a lot of money on it. Western Europe is expected to remain the second-largest region in the world for blockchain spending in 2019 ($674m), coming after the United States ($1.1bn), but ahead of China ($319 m), according to the International Data Corporation. For AI, the figures are expected to hit $5.2bn this year.
So, Europe is second larger spender after the U.S. and China in third place after the EU. European Union wants to invest in "larger scale projects.
€100 million fund on Blockchain and AI
In an effort to prevent the EU falling behind nations like the U.S. and China on blockchain and artificial intelligence, The European Investment Fund (EIF) and the European Commission launched €100 million fund for blockchain and AI.
With the European Commission, we are launching a dedicated investment scheme that will make EUR 100m available to venture capital funds or other investors that support AI and blockchain-based products and services. Because these are cornerstone investments, we expect a total of EUR 300m to be generated for AI and blockchain from other private investors ‘crowding in’.
Investing in a portfolio of innovative AI and blockchain companies will help develop a dynamic EU-wide investors community on AI and blockchain.
The European Commission launched the EU Blockchain Observatory and Forum
On 1st February 2018, the European Commission with the support of the European Parliament launched the Blockchain Observatory and Forum. It will have the role of highlighting key developments of the blockchain technology, promoting European actors and reinforcing European engagement with multiple stakeholders involved in blockchain activities.
Our mission is to promote blockchain in Europe by mapping existing blockchain initiatives, analysing and reporting on important blockchain themes, promoting blockchain education and knowledge sharing and holding events to promote debate and discussion. source: eublockchainforum.eu
This initiative will also help Europe to seize new opportunities offered by blockchain, build expertise and show leadership in the field. It will be gathering information, monitoring and analysing trends, addressing challenges and exploring blockchains' socioeconomic potential.
More information is available here. source: bdva.eu
Although China seems to be the most blockchain friendly country in the World after China’s President Xi Jinping's speech at a Politburo Committee session on blockchain technology trends on Oct. 24. China will not be alone in this race of Blockchain adoption. European Union want to seize new opportunities offered by blockchain, as well.
Like the internet, blockchain will change the World because it is a powerful tool that can nurture freedom and technological innovation. It will transforming industries. Both firms around the world (like LG's Monachain) and innovative countries have been diving into the blockchain technology to develop a crypto projects. But which country will lead the way to get blockchain to the mainstream adoption? Only time will tell.
Thanks for reading. I hope you’ve found it helpful.
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