The European Commission (EC) will revise offers for a service contract to establish a European Union (EU) Blockchain Observatory. The project was anno
The European Commission (EC) will revise offers for a service contract to establish a European Union (EU) Blockchain Observatory. The project was announced last week on the European Commission`s official website www.ec.europa.eu.
“The purpose will be to inform and assist the European Commission in understanding what role – if any – European public authorities should play to encourage the development and up-take of these technologies and to formulate related policy recommendations.”, as the statement said.
The pilot will be realized in the context of the Horizontal Taskforce on FinTech and Distributed Ledger Technologies (DLT). The estimated budget is said to be 500,000 euro over a period of 2 years. The call for tender will be published in during the second quarter of the year in TED eTendering.
It is made clear that the observatory is expected to do the following:
- Provide a current overview of key initiatives that rely on distributed ledger or blockchain technologies worldwide;
- Keep track the technology’s developments and the related opportunities and challenges for Europe’s industry, citizens and government;
- Establish expertise on topics like governance, validation mechanisms, infrastructure, smart contracts, legal and regulatory challenges, standards and interoperability;
- Develop a platform for the European blockchain community;
- Explore use cases for the EU.
Last but not least, the observatory and forum are part of the EC`s digital single market strategy that includes three policy areas. They are listed below:
1) Improving access to digital goods and services. The goal is to make the EU market seamless place to buy and sell.
2) An environment where digital services and networks can prosper. This requires having rules that match the pace of technology and support infrastructure development.
3) Digital as a growth driver. The goal is to make sure Europe’s economy, industry and employment take advantage of digitalization.
Last year, the EU Commission started an initiative that supports fintech and blockchain entrepreneurs by giving them access to potential investors, business partners, research centers and universities.