Is Blockchain Going Mainstream?

Is Blockchain Going Mainstream?

According to European Commision (EC) Vice President, Andrus Ansip, it is.

In his speech on Tuesday, Ansip went ahead and called distributed ledger technology one of “the areas where Europe is best positioned to play a leading role.” He also stressed on the need of the continent to invest a lot more in improving the distributed ledger technology.

During his opening remarks at EC’s Digital Day 2018 in Brussels, Ansip asked the European Union to “commit to Europe’s digital and data-based future.” In his remarks to the attendees, he said:

[Blockchain is] now moving out of the lab and going mainstream. As with [artificial intelligence]: we should make the most of this new opportunity to innovate

He mentioned how much the EU has invested in the blockchain, as well as how much they’ve invested in digital healthcare and artificial intelligence. By listing out the EU’s investments, he pointed out to the fact that the EU would not be able to provide sufficient funding on its own.

Imploring the private sector and the governments to make more investments in Europe’s tech sector, he said, “We need hard cash.”

Back in February, the commission had launched the EU Blockchain Observatory and Forum in a partnership with ConsenSys, the Ethereum startup. Apart from that, they announced that they would be forming a European Blockchain Partnership which would “promote interoperable infrastructures.”

In broader terms, Ansip put the EU’s investments in the blockchain technology and many other emerging technologies in the tech world in the context of a Digital Single Market. The goal of this market would be to extend EU’s uniform regulatory structure to the technology sector.

The General Data Protection Regulation is a part of this push made for standardization. This regulation would govern the treatment of the personal data of EU citizens beginning in May.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.