North Rhine Westphalia (NRW), the government of the German state has revealed its plan to establish the European Blockchain institute in Germany.
Andreas Pinkwart, economic minister of NRW has declared in the press release that the Blockchain research institute is expected to start its work in the city of Dortmund later in the year 2019, under the Fraunhofer Institute for Material Flow and Logistic (IML).
In the press statement, the government states that as the possibilities with Blockchain has made the online transition more secure and easy to handle. Thus, citing the need in Europe to move forward with the progress of other nation like the United States, NRW is looking for the chance to be a pioneer with the establishment of Blockchain institute in the country.
Meanwhile, it has also noted the criticism of technology being “energy extensive”. Pinkwart has addressed his concern over the amount of consumption of energy in the mining process by saying: “this technology can be safe, decentralized, and affordable and when used properly, not too energy intensive.”
One of the major goals of Europe that are foreseen behind this initiative to establish the Blockchain institute in Dortmund is the hope of NRW to lead Europe and help them “catch up” The U.S in Blockchain adoption.
Moreover, with the establishment of the Blockchain institute, the government plans to further research the new technology that could ensure the proper handling of digital transaction. The peer to peer concept of Blockchain will also enable users to store business-business transactions such as construct, title deeds, licensees etc.
Along with this, Germany has also recently revealed its plan to introduce a Blockchain strategy to introduce clear regulations on the validity and status of digital asset and has asked other countries, such as Russia to introduce the same strategy in the respective countries.
The country has understood the benefits of the technology and possibilities of Blockchain is seeking to issue Blockchain bonds to revolutionize the traditional approaches and allow individual dealing with it to purchase digital tokens that could offer them annuals interest payments.
France too has reportedly passed a new law to establish crypto friendly regulation and asked other EU countries to adopt them similar to its own.