The German state of North-Rhine Westphalia (NRW) is planning to launch a blockchain research institute. NRW’s government made this announcement through a press release. It unveiled that the project is dubbed “European Blockchain Institute”.
In the press release, NRW’s economics minister, Andreas Pinkwart revealed that the project will go live in Dortmund later on this year. The European Blockchain Institute will be inside the Fraunhofer Institute for Material Flow and Logistics (IML). Per Pinkwart, building the institute in Dortmund is perfect as the region has a technical university. The presence of Fraunhofer logistics experts would also help better the project.
The press release also noted that blockchain critics are troubled by the amount of energy that BTC mining consumes. Pinkwart addressed this concern and went on to praise the blockchain’s perks. According to him, the blockchain technology can be safe, decentralized, and affordable. However, individuals and firms must use the nascent technology properly to prevent it from using too much energy.
Europe Lags Behind When It Comes to Blockchain Adoption
Pinkwart believes that Europe is behind the US when it comes to blockchain advancements. He asserts that they must catch up. He added that this is the goal of the European Blockchain Institute. This means creating the research center would give NRW a chance to become the pioneer of advancing the blockchain in Europe.
This news comes after Ryan Zagone, Ripple’s director of regulatory relations talked about the importance of the US leading in blockchain and crypto adoption.
There is a broad discussion in Washington around 5G being dominated by foreign firms and the U.S. being reliant on foreign technology and foreign expertise… With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure… It’s important both for national security and from an economic perspective, that the U.S. is a leader in that.
Europe has been trying to find a way to become the leader in blockchain technology for quite some time. The European Commission-backed International Association for Trusted Blockchain Applications (INATBA) went live in April with 105 founding members. This project seeks to bring stakeholders from different sectors to support the adoption of the blockchain and DLTs.
The EC noted that INATBA aims to unlock the potential of the blockchain and DLTs for the general public. The project plans to create a platform that promotes collaboration between the private and public sectors. On top of this, it also seeks to increase integrity and transparency in the system.
Do you think NRW’s plan to open the European Blockchain Institute will make Europe a leader in blockchain technology? Let us know in the comments below.