Blockchain technologies and the future of business
From its first application in cryptocurrencies in 2008, it's utilisation has been blooming quickly during recent years. The European Commission has been funding blockchain projects through the EU's research programs, FP7 and Horizon 2020, for the last five years and will continue to do so until 2020, with up to EUR 340m available for blockchain solutions. The recent launch of the EU Blockchain Observatory and Forum is a further step toward the reinforcement of blockchain technologies, the stimulation of its development and introduction of cross-border projects. With increasing trust, speed, decentralisation, traceability and security on the one hand, and reducing transaction costs on the other, blockchain technologies have huge potential for making social and economic online transactions more secure by protecting against attacks and removing the need for intermediates. Blockchain technologies can be applied in many areas, from financial transactions to smart contracts, tokenising real estate, e-elections, audits, monitoring the origin of tradeable goods, trading services, goods, energy and many others. When the question of its regulation, legal protection and tax framework will be solved, we may have a new winner on the market. And Europe, with its startups, has the potential to become a leading world blockchain region. For this and other areas of innovation, ITA have dedicated a platform on how the most innovative companies meet the opportunities for internationalisation.