One Year Of EU Blockchain Observatory Research
March 12 2019 - 12:42PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 12, 2019 -- ADVFN Crypto NewsWire -- Early last year the
EU formed the Blockchain Observatory & Forum to produce deep
research on the blockchain technology industry overall. The broad
scope of their research has been reigned in for a preliminary 29
page report outlining the state of the technology at this time,
some of the common misconceptions about the inner-workings of the
technology, and the “likely future state” of the blockchain
technology industry.
The group tailored their incite to
incorporate a range of important blockchain themes vital to the
functioning of the European Commission and based on input from its
Working Groups and other stakeholders. Input of a number of
different stakeholders and sources included:
-
‘Blockchain scalability,
interoperability and sustainability’ by Arthur Gervais –
an
-
academic research paper prepared by
the Lucerne University of Applied Sciences and Arts – an academic
partner of the EU Blockchain Observatory & Forum. Available
online at www.eublockchainforum.eu/reports
-
‘Scalability, interoperability and
sustainability’ workshop held in Berlin on 2 October
2018
-
Secretariat of the EU Blockchain
Observatory & Forum (which includes members of the DG CONNECT
of the European Commission and members of ConsenSys)
Blockchain’s Future
State
The research group envisions the
first wave of blockchain adoption as a large number of
permissioned, purpose-built blockchain platforms geared towards a
specific use case or user base. This situation is essentially
growth of what is currently happening in the industry. With
development of more diverse technology and growth of these
networks, they will inevitably begin to work in tandem.
“Just as TCP/IP and the rest of the
Internet stack became the open, freely accessible backbone of the
Web of Information, we think that a small number of global
blockchain networks will also emerge as the backbone of a Web of
Value.”
In a progressive look at the new
financial technology, the report does not cite security issues as a
major problem preventing growth of the industry. They express much
of the already available information and incites that were
developed following the huge market cap surge of the cryptocurrency
market in 2018 in a clear and concise manner. Instead the three
main issues highlighted are:
-
Scalability - handling large
volumes of transactions at high speeds
-
Interoperability: exchanging data
with other platforms, including those running different types of
blockchains, as well as with the off-chain world
-
Sustainability: running a
large-scale blockchain platform or decentralised application in an
environmentally responsible, and regulating projects, platforms and
the core technology in such a way that they remain viable over the
long term
The report end with suggested goals
of public services for blockchain networks and construction
including:
-
Create an environment and a set of
foundations conducive to the development
-
of an innovative, world-class
blockchain
-
ecosystem in the EU.
-
Make it easier and cheaper for
public and
-
public/private initiatives to
design, test and deploy projects based on blockchain
technology.
-
Establish interoperability
standards that make it possible for individual projects to
communicate with each other easily and securely, with no leakage of
sensitive data.
-
Facilitate knowledge transfer
between projects.
https://drive.google.com/file/d/16_IrzddZR84hOsEV6j911gMyO6R1RQpu/view
By: BGN Editorial Staff
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