Wednesday, 29 January 2020

Benelux organisations join forces on blockchain

Three Benelux organisations active in the area of technology – Belgium's B-Hive, the Luxembourg House of Financial Technology (LHoFT ) and the Dutch Blockchain Coalition – have signed an agreement to collaborate on distributed ledger technology.
Over the next 12 months, they will exchange knowedge on how the use of blockchain can create added value for society and business and work together on defining European and international standards for distributed ledger technology.

The Memorandum of Understanding, which begins with a one-year collaboration, was signed in Brussels on Wednesday by Dave Remue, programme manager of TrustHive at B-Hive; Alex Panican, head of Partnerships and Ecosystem at LHoFT; and Frans van Ette, coalition manager at the Dutch Blockchain Coalition.

The three organisations will also collaborate on cross-border cases where blockhain technology is used and look into the implications of managing identity through blockchain from a 'self-sovereign identity perspective' – the notion that people and businesses can manage their own identity data without relying on a central authority.

The Benelux agreement follows a bilateral accord between the LHoFT and Belgian fintech platform B-Hive, announced in late January during the Paris Fintech Forum.

Based in Luxembourg, the LHoFT is a public/private initiative supporting technology-based innovation in the financial centre and connecting the local and international fintech communities.

In early February, the European Commission launched a blockchain-dedicated observatory and forum to boost cooperation on the new technology across the European Union.

Blockchain technologies are seen by the Comission as "a major breakthrough" for bringing "high levels of traceability and security in economic transactions online".

In a survey by the World Economic Forum, 58% of participating executives estimated that 10% of global GDP would be stored using blockchain before 2025.


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