EU to back €2.1bn fund for European start-ups

Russia attack EU European Union nerve agent Putin

Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission's vice president, Andrus Ansip, is the latest to voice his support for the technology.

"Digital Day 2018 will aim to reach joint commitments related to the digital future of Europe in order to encourage investment in European digital technologies and infrastructures".

An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology.

The afternoon session was dedicated to the Blockchain Partnership Initiative.The European Commission (EC) organized on Tuesday the EU Digital Day 2018, which drew digital technology experts and enthusiasts from across Europe. "With VentureEU, Europe's many innovative entrepreneurs will soon get the investment they need to innovate and grow into global success stories", Commission vice-president Jyrki Katainen, responsible for jobs, growth, investment and competitiveness, said.

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I believe that the establishment of this partnership not only ensures that member states will be at the forefront of blockchain technology, but it also ensures that Europe on the whole has the power to keep up with Asia and America in terms of their rapid blockchain technology progression. This new blockchain partnership will enable each member state to work together, and facilitate the implementation and interoperability of blockchain services.

It aims to use the European Union funding to raise € 2.1 billion of public and private investment for up to 1,500 start-ups and scale-ups across member states.

The partnership is tasked with allowing member countries to share experience and expertise in the emerging technology in order to create a path for a Digital Single Market that will benefit the private and public sectors. It plans to allocate around Euro 300 million more to blockchain by 2020. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. At the same time, the continent's startup ecosystem has been surging thanks to big investments by the European Union, which is counting on entrepreneurs to give the region an economic boost. This is meant to translate into a projected €6.5bn of investment across approximately 1,500 start-up companies throughout the bloc.

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