A recent report by the International Association for Trusted Blockchain Applications (INATBA) highlights that blockchain projects within the European Union have moved beyond the hype and are now demonstrating practical applicability across various industries and the public sector.
Public Infrastructure Innovations
Key public infrastructure initiatives, such as the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF), are crucial in shaping Europe’s digital future. These projects enhance transparency and efficiency, particularly in supply chain management. On July 12, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions for Digital Product Passports (DPPs). Industry experts have also proposed blockchain-based zero-knowledge proofs (ZK-proofs) as potential solutions for the EU’s proposed digital IDs.
Pivotal Decade Ahead
INATBA’s report suggests that the next decade will be pivotal for blockchain technology, offering enhanced security, automation, governance, and efficiency. Public institutions and corporations are encouraged to invest robustly to remain competitive and sustainable in this evolving landscape.
Reshaping Industrial Priorities
Over the past 30 years, the industrial sector has seen rapid technical innovation, including advancements in connected data exchange, cloud computing, Internet of Things (IoT), blockchain, and artificial intelligence (AI). These developments facilitate the digital execution and planning of industrial services but also present challenges for legacy systems and future AI threats.
In the last five years, industrial priorities have shifted towards the need for more resilience and adaptability. The report emphasizes that blockchain must be seen as a fundamental component in this shift. “Innovation is no longer optional but essential for navigating future challenges, requiring continuous pursuit of excellence,” the report states.
Addressing Emerging Challenges
While recognizing the benefits of innovation, the report also highlights short-term challenges such as the efficient organization and management of industrial processes and resources leveraging blockchain and AI. Europe remains one of the most proactive regions globally in addressing emerging technologies like AI, blockchain, and cryptocurrencies by issuing regulations to guide these industries.
This shift from hype to practical application marks a significant step forward for blockchain technology in the EU, promising greater efficiency and innovation in both public and private sectors.
