The INATBA, a blockchain association, has released a report that notes how the state of blockchain projects in the European Union will focus more on practical applications.
A new report regarding blockchain projects in Europe has shared interesting insights. The International Association for Trusted Blockchain Applications (INATBA) has authored the report. The INATBA report has mentioned how blockchain projects in the European Union (EU) would focus more on practical use cases. It shared how a majority of them would move beyond the ‘hype cycle.’
At the same time, the report highlighted a few infrastructure initiatives for blockchain adoption in the EU. These include the EU Blockchain Observatory and Forum (EUBOF)and the European Blockchain Services Infrastructure (EBSI). Other practical use cases the projects are focusing on are digital product passports and supply chains.
Regarding the EUBOF, the report stated, “EUBOF, initiated by the European Parliament and the European Commission, has aimed to expedite the innovation of blockchain and foster the growth of the blockchain ecosystem within the European Union.”
Moreover, there were other sectors in the report, like the mobility sector, energy and grid management, and others. However, the report has shared comprehensive reviews, and outlooks of each sector with respect to blockchain projects.
Meanwhile, the project laid stress on the importance of blockchain in the ensuing decade. Besides, it said institutions and the public should strive to adopt it for sustainability and competitiveness. Next, it mentioned that innovation was of utmost importance in the sector. With evolving changes in the last thirty years, the upcoming years will also need regular innovation for relevance, said the report.
The concluding sections of the report were for tokenization in the financial services sector. Various use cases of blockchain in finance could lead to its useful and efficient applications, said the report.
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