The European Union, in partnership with ChromaWay, will launch a blockchain initiative to develop sustainability solutions in the domain that will leverage the technology.
Blockchain infrastructure firm ChromaWay has announced its partnership with the European Union for developing sustainability solutions. The partnerships will leverage blockchain technology to develop the solutions. The two firms had already been working together, and this announcement marks the extension of their collaboration for a blockchain initiative.
ChromaWay also revealed it had been developing its own technology based on blockchain, called relational blockchain. It helps on-chain data to get simpler, and more efficient. Meanwhile, it could prove to be useful for enterprise solutions with its features.
Co-founder of the firm, Or Perelman, said, “By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”
Moreover, the partnership also highlights the European Union’s support for blockchain solutions. By partnering with such firms, the EU has reinforced its belief in the technology’s scope for the future. In fact, Europe has publicly advocated the use of blockchain technology and its adoption. It also promoted an example while crafting transparent regulations for the crypto industry.
Initiatives like the Markets in Crypto Assets (MiCA) regulation aim to provide legal certainty for businesses operating in the blockchain space, promoting responsible innovation while safeguarding against potential risks.
Recognizing its potential to revolutionize various sectors, the EU is actively exploring and implementing blockchain solutions across its member states. This proactive approach aims to unlock the technology’s benefits, fostering innovation and establishing the EU as a global leader in the blockchain space.
It also fosters collaboration and knowledge sharing among various stakeholders within the blockchain ecosystem. This includes collaborations between member states, industry players, academia, and research institutions.
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