A new report from the International Association for Trusted Blockchain Applications (INATBA) reveals that blockchain projects in the European Union have shifted from hype to real-world applications, improving various industries and public sector operations.
According to the INATBA report, EU blockchain projects are now focused on practical applications rather than just buzz. These projects are demonstrating real-world usefulness across different sectors and in the public sector.
Key Innovations in Public Infrastructure
The report highlights significant public infrastructure projects, such as the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF). These initiatives are crucial for shaping Europe’s digital future.
Other notable projects are enhancing transparency and efficiency in supply chain management within the EU. For instance, the EU recently partnered with ChromaWay to develop blockchain-based solutions for Digital Product Passports (DPPs). Additionally, blockchain-based zero–knowledge proofs (ZK–proofs) are being explored as potential solutions for the EU’s proposed digital IDs.
Future Outlook
INATBA predicts that the next decade will be critical for blockchain technology, particularly in areas like security, automation, governance, and efficiency. The report emphasizes that public institutions and businesses need to invest significantly to remain competitive and sustainable.
Shifting Industrial Priorities
Over the past 30 years, the industrial sector has seen rapid technological advancements, including improvements in data exchange, cloud computing, the Internet of Things, and now blockchain and AI. This ongoing evolution underscores the importance of staying ahead in technological innovation.
Summary Review: The INATBA report highlights a significant shift in EU blockchain projects from theoretical potential to tangible, practical applications. Key initiatives like the European Blockchain Services Infrastructure and various supply chain innovations are showing how blockchain technology can improve efficiency and transparency. As the industry advances, the next decade will be crucial for further development in areas such as security and automation. To stay competitive and sustainable, both public institutions and businesses need to invest robustly in these emerging technologies. The shift from hype to practical use marks a promising phase for blockchain’s role in transforming industries and public services.
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