EU Countries Sign Blockchain Partnership - Progress Made

Valdis Dombrovskis

"In the future, all public services will use [Blockchain] technology".

Andrus Ansip pointed out the importance of becoming the world leader in digital technology and called on the European Commission to give full support to the European technology sector "both politically and financially".

"While we have supported more than 500 funds to date, this is the first time that the European Union has created such a unique programme".

Blockchain technology is a system of organization of distributed databases.

Some 22 European countries have this week signed an agreement to collaborate and work on creating EU-wide blockchain applications, in an attempt to support the EU Digital Single Market and avoid fragmentation across member states. As with [artificial intelligence]: "we should make the most of this new opportunity to innovate".

I believe that the establishment of this partnership not only ensures that member states will be at the forefront of blockchain technology, but it also ensures that Europe on the whole has the power to keep up with Asia and America in terms of their rapid blockchain technology progression. All member states are invited to become part of the Blockchain Partnership. This new blockchain partnership will enable each member state to work together, and facilitate the implementation and interoperability of blockchain services.

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More broadly, Ansip positioned the EU's investments in blockchain and other emerging technologies in the context of the Digital Single Market, with the goal of extending the EU's uniform regulatory structure to the technology sector.

The European Commission and the European Investment Fund (EIF) have launched a venture capital programme aimed at resolving the size problem that has deterred many investors from allocating to the asset class.

A new eHealth initiative signed by 13 European countries that includes creating genomic databanks.

Sharing more genomic data will improve understanding and prevention of disease, allowing for more personalised treatments (and targeted drug prescription), in particular for rare diseases, cancer and brain related diseases.

The EU will provide the first lump sum of €410 million, which will be made up of €67 million from the European Investment Fund, €200 million from the Horizon 2020 InnovFin Equity, €105 million from COSME and €105 million from the European Fund for Strategic Investments. This is meant to translate into a projected €6.5bn of investment across approximately 1,500 start-up companies throughout the bloc.

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