The research on blockchain technology has risen due to the innovation and the ground-breaking results which the new tech has brought to the world, apart from the creation of Bitcoin (BTC). Almost every country has begun forecasting the long-lasting impact that is vital for the progression, whether the use of blockchain application is required in supply chain management, personal identification, elections, peer review, or various other types of the democratic decision-making process along with the audit trails and prevention of energy consumption.
In the herd German state government authorities from North Rhine-Westphalia (NRW) has also started contemplating on the new use cases of blockchain application, and now on the route to accept the new tech, announced in a recent press release about the latest initiatives and the plans for establishing European Blockchain Institute to research on blockchain technology.
As per the revelations, the European Blockchain Institute would be expected to start by this year end. The Dortmund city of Germany is considered the prime location for the research work and chosen the technical and research institute- Fraunhofer Institute for Material Flow and Logistics (IML), according to the Westdeutsche Allgemeine Zeitung the NRW Economic Minister, Andreas Pinkwart (FDP).
The German state government while accepting the worth of blockchain tech agreed on its future possibilities of speedy management of Internet transactions with forgery-proof results, as per the document. Another important aspect which is highlighted in the press release is the power issue which almost every developed country is focusing on because of the innumerable opportunities given by the new blockchain applications. The primary focus of the German state government is competing with the US prudence because the IT scientists of the country by this time have achieved a lot as they are diligently focusing on the “Internet of Values” and entrepreneurs are coming up with the fastidious concepts while helping the US economy to grow further. In the sprint, Europe NRW has a good chance to cover it up at the earliest and catch hold on the significant issues and to overcome the stagnant economic growth
while becoming the pioneer with the creation of the European Blockchain Institute.
Also, the information has stressed the reactions of the critics towards the discouraging outlook of the blockchain technology due to its over energy consumption factor and pointed out on the power-hunger of the leading cryptocurrency Bitcoin (BTC).
However, Pinkwart has relayed the importance and benefits of “Internet of values” and expressed his confidence by saying that “The best-known example of this avant-garde technology is the crypto-currency Bitcoin.” He believes in the potential of the database technology and said: “This would be safe, affordable, decentralized, and, when used properly, not too energy-intensive.”
The Economic Minister also said that the blockchain technology would be researched at the new centrally located institute. Reportedly, the purpose of the launch is indicated to serve the business-to-business transactions in a digitally recorded way so that it can be long-lasting and constant without any default leaving a sign of “perpetual eternity.”
He further referred that database technology would safely help in the decentralization of contracts, licenses, subscriptions, title deeds, or monetary transactions.