The European Commission (EC) has recently revealed that it is currently working on a gateway based on distributed ledger technology (DLT) or blockchain for sharing the data on listed companies, CoinDesk reports.

In his response on behalf of the Commission to a question from MEP Antanas Guoga, EC Vice President Valdis Dombrovskis said:

“As part of Horizon 2020, the Commission intends to launch shortly a prize ‘Blockchains for Social Good’ and a research initiative on distributed ledger technologies with the aim of overcoming shortcomings of this technology and further developing its application.

“Furthermore, in response to the European Parliament's allocation of EUR 850 000 in the 2017 EU budget for a Pilot Project on DLT to build technical expertise and regulatory capacity on benefits and risks, the Commission is currently working on developing a DLT-based European Financial Transparency Gateway (connecting and making available data listed companies must report to national databases) and a European Blockchain Observatory/Forum.”

The EC has been actively making efforts to embrace this emerging technology and boost blockchain and fintech based startups. The plans to launch a blockchain observatory was first revealed in April this year.

In March 2017, the Commission launched an open public consultation on FinTech, including blockchain and distributed ledger technologies and raising questions about regulatory requirements. In June, it launched “#Blockchain4EU: Blockchain for Industrial Transformations” – an initiative that will explore existing, emerging, and potential applications of blockchain and DLTs in non-financial / industry sectors.

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