Blockchain innovation in Europe is happening at a rapid pace. Businesses are actively exploring the space and this is creating huge competitive advantage across different countries.  The goverment is playing an active role in supporting innovation in the technology, too.

The European Union blockchain observatory and forum, mentioned above, is one of the more visible Europe-wide efforts to foster blockchain innovation in the union. It is by far not the only one. other developments of note include:

• The EUR 5 million blockchains for Social Good prize
• The recently announced fintech Action plan, which calls for a comprehensive strategy on distributed ledger technology and blockchain addressing all sectors of the economy
• The recent resolution of the industry, research and energy committee of the European parliament recognising the role blockchain can play in enhancing innovation in europe and around the world
• The recently constituted European blockchain partnership, which is an effort by national governments in Europe to boost blockchain innovation and support the creation of blockchain applications for governmental and public services

This report takes a look at each of these aspects in turn, taking into consideration when blockchain innovation currently is and what it could look like in the future. It takes into consideration legal and regulatory clarification, issues with GDPR and more general issues that businesses face.