The European Commission Partners With ConsenSys On The Development Of Blockchain Projects

The European Commission Partners With ConsenSys On The Development Of Blockchain Projects

The European Commission announced that it is closely working together with ConsenSys in the newly formed EU Blockchain Observatory and Forum. ConsenSys is one of the startups that successfully utilizes the Ethereum ecosystem.

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The European Commission announced that it is closely working together with ConsenSys in the newly formed EU Blockchain Observatory and Forum. ConsenSys is one of the startups that successfully utilizes the Ethereum ecosystem.

The partnership is for the next two years and more than $425 million would fund future blockchain projects. In the spring of 2017, the Commission admitted its plans to dig deeper into new technologies in order to learn more about their applications and find a way on how to put them to work.

The collaboration was officially announced on Thursday, February 1. The commission chose ConsenSys for their partner because in their own words the startup has established itself a name among the blockchain community. The startup is believed to deliver strong commitment to project development, professionalism, and connections with investors and entrepreneurs. ConsenSys primarily develops software for the Ethereum network and its founder is Joseph Lubin.

Mariya Gabriel, Digital Economy and Society Commissioner, said that the EU sees the potential of blockchain technologies and wishes to be on the forefront of their development. She admitted that the Union focuses on the establishment of a Digital Single Market instead of separate projects.

In addition, the vice president of the European Commission, Valdis Dombrovskis noted that the EU Blockchain Observatory and Forum would serve as a guide to policymakers. He did not spare praises on distributed ledgers. The vice president emphasized that there are many technologies that innovate the digital sector but blockchain is undoubtedly the one that has the greatest potential to transform the way we manage our finances.

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