European Union seeds VC investments with "VentureEU" fund

A scrap yard in Hamburg Germany. | Alexander Koerner  Getty Images

"In the future, all public services will use blockchain technology".

In a speech at EC's Digital Day 2018 in Brussels Tuesday, Ansip asked European Union countries to commit to Europe's digital and data-based future - with a focus on artificial intelligence (AI), digital healthcare and blockchain technologies.

In the United Kingdom, we are constantly faced with news of Brexit and the pressures of the European Union referendum, to be honest, it is rare that we hear of any positive movements within negotiations and deals, this one however stands out as something both important and progressive.

An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology.

As representatives of the European countries gather in Brussels for Digital Day 2018, 22 Member States of the European Commision (EC) have signed a declaration to establish a European Blockchain Partnership.

"For the Digital Single Market to work for people and business, to advance on our digital priorities, to make sure that Europe is a world digital leader: we need hard cash".

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Currently, users can only delete messages from their own inboxes which will still show up in the recipient's thread. People come on to Facebook , they want to do targeted ads, and that's really important for small business.

"The Partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for citizens", Gabriel added.

The signatories agreed to co-operate to establish the partnership with a view to developing a blockchain infrastructure that can enhance value-based, trusted, user-centric digital services across borders within the Digital Single Market.

Some EU member states already allow consumers to jointly sue a company for compensation, but there is no effective EU-wide tool.

I believe that the establishment of this partnership not only ensures that member states will be at the forefront of blockchain technology, but it also ensures that Europe on the whole has the power to keep up with Asia and America in terms of their rapid blockchain technology progression. This new collaboration is aimed specifically at avoiding "fragmented approaches" to the emerging technology by sharing technical expertise among each country. It plans to allocate around Euro 300 million more to blockchain by 2020.

Around £25bn in investment in the digital sector is set to be triggered thanks to the support of the European Fund for Strategic Investments (EFSI).

The proposal calls for: better public access to information submitted to the European Food Safety Authority (EFSA) by industry; more public consultations on scientific evidence; and guarantees that studies meet high scientific standards.

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