ECONOMY FINANCE&BANKING

European Union grants 340 million euro funding for blockchain technology development (INACO)

The European Commission grants funding worth 340 million euro for the development of blockchain technology in the coming two years, however there is no such initiative at governmental level in Romania, reads a press release of the Initiative for Competitiveness (INACO) sent to Agerpres on Tuesday.

“The European Union grants funding for the development of the blockchain technology worth 340 million euro, 2018 through 2020. The European objective is to develop a common, unified approach of the business environment with regard to blockchain technology. Less than 0.8 percent of the blockchain projects at European level are currently conducted in Romania through the 65 blockchain projects under development, while there are over 8,200 active projects at European level,” the INACO representatives maintain.

Less than 0.8 percent of the blockchain projects at European level are currently conducted in Romania through the 65 blockchain projects under development, while there are over 8,200 active projects at European level and in the United States their number exceeds 9,565, according to the 2017 Atomico – State of European Tech report.

“Even if some entrepreneurs have seized the huge potential for innovation and fundraising, there is no initiative at governmental level in this respect, although the impact would be great. There is great potential that through the adoption of blockchain technologies we could overcome the shortcomings brought about by the power’s centralised structures and the lack of modernised infrastructure or the present bureaucracy. The Blockchain technology would curb the risk and the frauds, by facilitating a far better control with regard to monetary policy and taxation execution,” INACO officials further say.

The Romanian entrepreneurs’ interest is on the rise but the public decision lags behind in setting the tone of the alignment with the European tendencies in modernising the administration by adopting the blockchain technology, the release adds.

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