Saad Ullah
Boosting Blockchain in Union
The European Union Blockchain Observatory and Forum, a commission that looks into the possibility of adapting and finding opportunities to use the decentralized technology, has said that blockchain technology is in dire need of standards that would allow it to accelerate development of the technology.
According to the latest report, the technology is still new and requires at least two things, scalability and interoperability for it to become sustainable.
The report has recommended for further study of the technology like the other countries in the world, “The EU should not rest on its laurels. Both the US and China have expressed strong support for blockchain research, with the former even going so far as to include it as part of its $700 billion defense budget. We therefore recommend that the EU continue its strong support, targeting both basic research as well as supporting implementation of infrastructure-related projects in particular, as well as research into non-technical topics such as governance of blockchain projects”
With hundreds of blockchain systems in the industry, each with its own unique structure and token, the systems are independent. If a person or a firm (or even a country) uses one, it cannot interact with the other. This creates a dilemma since for two distinct entities to work or communicate data, they need to be on the same blockchain.
Scalability, the commission notes, is also a major hurdle. Even though many blockchain systems are rising that claim to have faster speeds at a greater load, unless and until they are tested in real world applications, their claims remain unsubstantiated.
Facilitating, Not Resisting
The forum has also recommended that rather than trying to control and overregulate the industry, policy makers should ensure that blockchain platforms and transactions should be facilitated. The forum sees the technology as the future basis of financial transaction and trade, and therefore, prefers to use it, rather than stand against it.
The forum also believes that for this, there is a dire need for people, the policy makers and the public to have a clearer idea and understanding of the blockchain technology so that they can know how the technology can actually be used in day to day lives.
Saad Ullah
