The European Commission has launched the EU Blockchain Observatory and Forum, designed to highlight key developments in blockchain technology and reinforce European engagement with stakeholders involved in blockchain activities.

The Commission has been funding blockchain projects through the European Union’s research programmes FP7 and Horizon 2020 since 2013. The Commission wants to build on these initiatives, ensuring that they can work across borders and address the challenges faced by the technology.

UK firm ConsenSys has been selected as a partner to support the Observatory’s outreach in Europe, bringing expertise and connections to the global blockchain ecosystem.

Andrus Ansip, vice president of the digital single market, said: “Technologies like blockchain can help reduce costs while increasing trust, traceability and security. They have huge potential for making social and economic transactions more secure online by guarding against an attack and removing the need for any middleman. We want to build on Europe's substantial talent base and excellent startups to become a leading world region that will develop and invest in the rollout of blockchain.”

Valdis Dombrovskis, vice president for Financial Stability, Financial Services And Capital Markets Union, said: “Among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets. The Blockchain Observatory and Forum will monitor developments and also inform our policy making.”

Mariya Gabriel, commissioner for the digital economy and society, added: “I see 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 a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction.”

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