The European Commission’s Joint Research Centre recently released “Blockchain now and tomorrow. Assessing multidimensional impacts of distributed ledger technologies”, a publication analyzing the state of the art of blockchain technology and exploring the transformations it is bringing and will bring in the near future.
Blockchain is one of the technologies which is anticipated to have a huge impact over the next 10-15 years – states the report – and this is demonstrated by the attention investors worldwide are dedicating to blockchain since 2009. Furthermore the growth of blockchain is witnessed by the rise of fundings that started in 2014 with €450 million and increased up to € 7.14 billion in 2018.
The blockchain technology has well known applications in the financial sector, but it has the potential to significantly impact many sectors such as trade and supply chains, manufacturing, energy, creative industries, healthcare and government, public and third sector. Being at an embryonic stage the blockchain technology encompasses a series of challenges among which the ones related to data privacy, integration with legacy infrastructures or interoperability between different blockchains. There is also a trust concern related to this technology that finds its roots in the elimination of intermediaries or third parties: the report highlights that if on the one hand some actors will disappear, on the other one there will be new actors and more importantly the traditional ones like governments will continue to play their role by guaranteeing equal conditions for participation, checking the quality and quantity of data, settling disputes and enforcing rules. A further element stressed by the publication is the urgency that policy makers and regulators put their efforts in verifying if the existing legislation fits the current situation or if a new legal framework is required.
By clicking on this link you can access the full report and get more insights.