The International Association for Trusted Blockchain Applications (INATBA) released a report revealing that European Union blockchain projects have moved past the hype phase, now focusing on practical applications across various industries and the public sector.
The report highlights significant public infrastructure initiatives, including the European Blockchain Services Infrastructure (EBSI) and the EU Blockchain Observatory and Forum (EUBOF), both crucial in shaping Europe’s digital future.
Projects enhancing transparency and efficiency in EU supply chain management are now concentrating on Supply Chain and Digital Product Passports (DPP).
On July 12, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions for DPPs.
Industry experts also propose blockchain-based ZK-proofs as solutions for the EU’s proposed digital IDs.
INATBA’s findings suggest that the next decade will be “pivotal” for blockchain in enhancing security, automation, governance, and efficiency.
It advises public institutions and corporations to “invest robustly” to remain competitive and sustainable.
Over the past 30 years, the industrial sector has witnessed rapid technical innovation, including advancements in connected data exchange, cloud computing,
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Internet of Things, and now blockchain and AI. These developments facilitate the digital execution and planning of industrial services but also pose challenges for legacy systems and potential AI threats.
In the last five years, industrial priorities have shifted towards resilience and adaptability.
The report emphasizes that blockchain must be considered a “fundamental” element in this context.
It states, “Innovation is no longer optional but essential for navigating future challenges, requiring continuous pursuit of excellence.”
However, the report also acknowledges challenges accompanying innovation. Short-term challenges include the efficient organization and management of industrial processes and resources leveraging blockchain and AI.
Europe remains one of the most proactive regions globally in addressing emerging technologies such as AI, blockchain, and cryptocurrencies, issuing regulations for these industries to ensure they are effectively managed and integrated into the economy.
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