European Union Commission Wants More Standards for Blockchain Interoperability
The blockchain technology is already known worldwide. This means that different regions from all over the world are starting to create projects. However, what happens if they are not really very compatible with each other. This has made some very important people and groups start to wonder about the future.
Today we got a new example: the European Union Blockchain Observatory and Forum have recently affirmed that there is a need for a blockchain technology that has more standards and is more interoperable. This commission was created in order to boost and accelerate the development of blockchain tech in the union. The story was originally reported by The Next Web’s Hard Fork.
According to this European Commission’s last report, which you can read here, the main challenges of the nascent technology is to scale it. At the same time, the technology needs to be more compatible and interoperable in order to achieve sustainability.
The commission has affirmed that the United States and China are already experimenting with the technology in order to get an edge against the competitors. Because of this, the EU simply cannot be left behind in the research of this technology.
An important finding of the project is that governance may be often “misunderstood” and forgotten, but it is a vital part of the success of any kind of blockchain today.
Despite urging for the creation of a blockchain that can be interoperable, the commission will take an approach that is more cautious. Instead of investing the money right away to research, the idea is to just sit back for a while but to watch the market closely in order to see how the experiments which are being made now are going to impact the industry.
The report adds that policymakers should facilitate blockchain transactions instead of making them more difficult, as it recognizes that the future will have the blockchain technology and that it is surely being used by the financial market then. The report ends by affirming that there is a need for more blockchain awareness.
Blockchain awareness, the Commission believes, will be important so that more people can be clear on what the legislation proposes and so that they really understand how it works and how it can be used in their daily lives.