Things aren’t looking good for cryptocurrency price over the past weeks. In fact, a lot of experts have called it a “bloodbath”. However, if there is a silver lining to all of this, it is the fact that there are prominent startups that are looking into blockchain technology and its potential. In fact, CoinsenSys is said to be working with European Commission on its EU Blockchain and Observatory and Forum. The goal is to expand the institution’s knowledge when it comes to blockchain as well as distributed ledger technology.
In a statement by the European Commission, “As an important actor in blockchain community, ConsenSYs will bring strong commitment to blockchain development, solid expertise and connections with the global blockchain ecosystem, and an entrepreneurial approach to engage with stakeholders and experts in the EU and worldwide”.
ConsenSys is a global venture production studio that develops software on the Ethereum blockchain. It was founded by Joseph Lubin who was included as one of the Most Influential in Blockchain 2017 series of CoinDesk.
For the Benefit of the European Market
The Commission’s announcement is to utilize blockchain tech for the benefit of the single European market. Also, it is important to note that the primary objective of the Observatory and Forum is to utilize blockchain technology in order to build projects that are feasible across borders.
Mariya Gabriel who is the Commissioner for the Digital Economy and Society mentioned that “I see the blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment—a Digital Single Market for blockchain so that all citizens can benefit, instead of patchwork initiatives. The EU Blockchain Observatory and Forum is an important step in that direction”.
Aside from this project, Valdis Dombrovskis, who is an EC vice president in charge of financial stability, financial service as well as Capital Markets Union mentioned that EU’s blockchain endeavors will also take a closer look at EU policymaking for the subject matter.
He also mentioned that “among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets”
EU Blockchain Observatory and Forum will fund $425 million worth of blockchain related projects in the next two years or so.
Ethereum’s Smart Contracts
There are many projects coming out of Ethereum lately. And this is due to the fact that Ethereum has what is called smart contracts that basically allow users to develop apps according to their specific use.
Could this mean that bigger things are ahead for Ethereum? For many investors, this is proof that there is a chance that Ethereum is going to overtake Bitcoin in the coming future. Mainly with the number of uses that you could come up with using its network, it is possible that Ethereum is the next big thing to Bitcoin.
Despite the strict regulations implemented against cryptocurrencies over the last months, it is true that there are also many uses that people and organizations could come up with using this technology. And given enough chance, we may only be seeing the beginning of practical blockchain uses.