European Union tries to get a leading position in the field of new digital technologies, such as financial technology (FinTech). The Union appears to be claiming a role in the digital economy, which, although in its infancy, has shown that it can transform whole business and economic models.
Among the areas in focus, the EU sees good soil in blockchain technology so to exploit, on the one hand, the important ‘talent pool’, and on the other hand, the excellent new-born businesses operating on its territory. Indeed, the EU, which has been investing in the blockchain since 2013, is estimated to have earmarked up to € 340 million by 2020 to fund projects using blockchain technology.
Blockchain is considered a revolutionary innovation, as it involves high levels of traceability and security in online financial transactions. It can, therefore, fundamentally transform financial services and markets. It is linked to a wide range of areas, such as health care, insurance, finance, energy, logistics, intellectual property rights management, public services.
For more details on the EU actions on blockchain, click here.