European Commission Backs Blockchain Pilot With €500k Budget

The European Union’s executive branch is establishing an "observatory" focused on blockchain as part of a wider pilot project.

Unveiled earlier this week, the initiative, according to the European Commission, seeks to to "gather opinions and to voice concerns around Blockchain and DLT". The Commission plans to solicit proposals from possible partners during the second quarter of this year.

Late last month, the Commission revealed that it would seek to improve its institutional knowledge through the pilot, operating in tandem with a task force created by the European Parliament last year.

The announcement includes some new details about the pilot, including its two-year duration and its €500k budget. And while the scope of the project centers primarily on education, there do appear to be some practical elements, including a plan to "build and animate a platform for the European blockchain community".

Ultimately, the pilot could lead to new policies in the EU centered around blockchain.

As the Commission explained:

Whether any of the tests translate into actual applications of the tech by the Commission remains to be seen.

However, according to the announcement, the body said it wants "explore possible use cases with a value added at EU level" – indicating that such approaches are possible.

EU image via Shutterstock