The European Commission is exploring broader use of blockchain in various fields

The European Commission has launched a new initiative to explore broader blockchain uses
in various fields.

The European Commission is exploring broader use of blockchain in various fields

Blockchain technology, distributed throughout the network to store blocks of information, is expected to impact digital services and business models
in areas including energy, insurance, finance, and healthcare.

Blockchain technology is seen as a major breakthrough because it brings a high level of traceability and security
for online economic transactions.

The new Blockchain Watch and Forum will gather information, monitor and analyze trends, address challenges and explore the socio-economic potential
of blockchain technology.

It also aims to enable cross-border cooperation for practical use cases, bringing together the best European experts
.

Andrus Ansip, Vice President of Digital Single Market, said: "Technologies like blockchain can help reduce costs while improving trust, traceability and security
.
By guarding against attacks and eliminating the need for any middlemen, they have huge potential to make social and economic transactions more secure
.
We hope to make Europe a world-leading region
for developing and investing in blockchain with a large talent base and excellent startups.
”

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