A new report from the International Association for Trusted Blockchain Applications (INATBA) reveals that blockchain projects within the European Union have transitioned from the hype phase to practical applications, significantly impacting various industries and improving public sector efficiency.
Public Infrastructure Innovations
Key public infrastructure initiatives like the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF) are highlighted in the report as pivotal in shaping Europe’s digital future. These projects have moved beyond theoretical applications and are now focused on practical uses that enhance transparency and efficiency, particularly in supply chain management.
For instance, on July 12, the EU announced its collaboration with ChromaWay to develop blockchain-based sustainability solutions for Digital Product Passports (DPPs). Experts have also suggested using blockchain-based Zero-Knowledge proofs for the proposed EU digital IDs.
INATBA’s report emphasizes that the next decade will be crucial for blockchain technology, offering enhanced security, automation, governance, and efficiency. It recommends that public institutions and corporations invest robustly in blockchain to remain competitive and sustainable.
Reshaping Industrial Priorities
Over the past 30 years, the industrial sector has seen rapid technological advancements, including connected data exchange, cloud computing, the Internet of Things (IoT), and now blockchain and artificial intelligence (AI). These innovations enable digital execution and planning of industrial services but also pose challenges for legacy systems and potential AI threats.
In the last five years, industrial priorities have shifted towards resilience and adaptability, with blockchain considered a fundamental component of this transformation. The report states, “Innovation is no longer optional but essential for navigating future challenges, requiring continuous pursuit of excellence.”
However, the report also acknowledges the challenges that come with innovation. In the short term, the efficient organization and management of industrial processes and resources leveraging blockchain and AI are identified as significant hurdles.
Proactive Regulation in Emerging Technologies
Europe has been one of the most proactive regions globally in addressing emerging technologies such as AI, blockchain, and cryptocurrencies through regulatory measures. These regulations aim to create a balanced environment that fosters innovation while ensuring security and compliance.
As blockchain projects in the EU continue to evolve from hype to practical applications, the region stands to benefit from improved efficiency, transparency, and security across various sectors. The INATBA report underscores the importance of sustained investment and innovation in blockchain technology to maintain and enhance Europe’s competitive edge in the digital age.
