On March 6th, a report of European Union Blockchain Observatory and Forum discussed ways to improve the blockchain solutions including interoperability and scalability standards.
On behalf of the EU Blockchain Observatory and Forum, blockchain tech firm ConsenSys published a report named “Scalability, Interoperability, and Sustainability of Blockchains,” which reveals the EU current and future scenario with different stakeholders and sources.
The report also highlights the need for digital identities and interoperability, stating that “We can expect that over time it will become easier and easier for disparate blockchains to work together. This will be to the benefit of the ecosystem as a whole.”
Also, the authors emphasize the need for stimulating research in the area and supporting the implementation of blockchain projects:
“Currently the EU is active in supporting blockchain research in a number of ways, from the EU Blockchain Observatory & Forum […] to the allocation of up to EUR 340 million [$382 million] to support blockchain projects through 2020 under the Horizon 2020 program. While these are laudable, the EU should not rest on its laurels. Both the U.S. and China have expressed strong support for blockchain research, with the former even going so far as to include it as part of its USD 700 billion defense budget.”
The report also called for blockchain awareness among policy makers and industrials players, by suggesting the EU take a wait-and-see approach and provides more on experimentation, education, the establishment of standard regulations.
Per the report, the government could make use of blockchain cases like identity management and data oracles. Besides that, ConsenSys recommended that General Data Protection Regulation (GDPR), blockchain technology, crypto assets legal status and smart contract tension should be resolved, among others.
Recently, treatment and regulation of blockchain securities report were published by the German Federal Ministry of Finance, which is still open to industry stakeholders for feedback.