The meteoric rise of blockchain technology has revolutionized multiple industries. Countless domains are utilizing the underlying platform of cryptocurrencies for easy distribution and verification of real-time data within the network. Formed forums and committees around the world have been formed recognizing blockchain’s tremendous potential. From the European Union, the United States to UAE, India, and others- let us look forward to why governments around the world are channeling resources towards blockchain development.
Blockchain Development Committees around the World
The European Commission announced the launch of the EU Blockchain Observatory and Forum on February 20198. The Committee is supported by the European Parliament. Representative Jakob von Weizsacker was responsible for the cryptocurrency report during that period.
The EU Blockchain Observatory puts the spotlight on the key progress areas while promoting notable European blockchain development organizations. The Forum also aims to solidify Europe’s participation with the major stakeholders actively involved in blockchain development.
The Commission in Europe has been making investments in blockchain projects as early as 2013 through EU research programs like FP7 and Horizon 2020. The committee has already allocated funds over $371 million. The Forum also seeks to increase the incorporation of blockchain in newer sectors such as healthcare and energy distribution.
The Congressional Blockchain Caucus was formed in the United States after 7 Members of Congress signed and delivered a petition requesting its formation to the Director of the National Economic Council. The Blockchain Caucus was formed in the 114th Congress session with a bi-partisan collective comprising Congress Members and Staff. The aim of Congress is to facilitate collaboration between the governments and major private players.
The Caucus seeks to observe the impact of blockchain applications across different scenarios. Researchers acquire observation data from different sources and present optimized solutions accordingly. Noted areas with effective blockchain incorporation include identity management, asset traceability, provenance, healthcare record-keeping IP rights, and more.
The Middle East, India, and More
There have been significant activities across Dubai, UAE, and other regions of the Middle East. Aiming to become a global capital for crypto and blockchain. The region is attracting organizations from different parts of the globe as the government is building special economic zones with rebates on crypto taxation.
Meanwhile, the kingdom of Saudi Arabia is focussing extensively on Metaverse technology drawing billions of dollars in investments. The state-owned oil company Aramco made an investment exceeding 1 billion dollars in the last LEAP technology forum held in Saudi Arabia.
The national government in India took a calibrated approach towards blockchain and crypto legislation. However, the 52-page extended MEITY report released last year explains how the government is planning to integrate the technology into all aspects of government documentation and record-filing including lands records and registration. The country has not banned cryptocurrencies as of yet, indicating the nation’s desire to make the best use of upcoming potential game-changers.
The global blockchain cap is expected to jump from USD 10.02 billion at present to USD 1.43 trillion by 2030 with an astounding 85.9% CAGR during this period. Blockchain committees and forums dedicated to national(or continental) incorporation are already contributing to the propagation of the technology and will continue to do so in the future.