How Startups & Blockchain Technology Are Shaping The Future

European Authorities Are Taking Collective Steps

Early in 2018, the European Commission launched the EU Blockchain Observatory and Forum. They have invested almost EUR 80 million in pilot projects such as supporting the use of blockchain in technical and societal areas. The EU commission is planning to allocate around EUR 300 million to blockchain by 2020.

In April 2018, 26 European countries decided to take joint steps to create blockchain regulation; they also agreed to exchange expertise in both regulatory and technical aspects. According to the research firm IDC, spending on blockchain technologies in western Europe could surpass $1.8 billion by 2021 due to collective initiatives from member countries.

The Commissioner for the Digital Economy and Society, Mariya Gabriel, said: ‘I see blockchain as a game-changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment – a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives.’

What Does It Mean For Entrepreneurs & Micro-Level Players?

Although European governments are planning to expand their role in providing easy laws and educational courses, micro-level entrepreneurs and the general public have already started working on blockchain-related projects. These are either in the form of integrating blockchain solutions into their businesses or by working on blockchain-related projects as developers, content writers or programmers.

Indeed, Europe is leading the world with the largest number of Initial Coin Offerings, or ICO’s. According to the Fabric Ventures Report, the amount of ICO fundraising in the European region alone has reached close to $4.1 billion so far this year (2018), almost double the $2.3 billion raised in Asia. Friendly blockchain and cryptocurrency laws are the main reason behind the huge growth in ICO fundraising from European startups.

Imagine you have a great business idea but you have no funding. How you will move your vision forward? Getting a significant loan from financial markets wouldn’t be easy for individuals unless they provide huge guarantees.

The Initial Coin Offering process, however, has made it easier for micro-level entrepreneurs and inventors to gather funds for their business expansion.

Friendz, for instance, is one of the blockchain startups which has generated millions of dollars through an ICO to expand their business idea. 29-year-old Alessandro Cadoni, co-founder of Friendz, says they were a group of a few people with a great idea, but now they have generated millions of dollars through an ICO. This is allowing them to collaborate with the biggest international brands.

ICOs help startups in raising money by issuing their own digital currencies. These tokens can trade online regardless of the company structure.

How To Grow Your Blockchain Knowledge

Reading online courses and attending blockchain-related summits can really help small entrepreneurs expand their knowledge. According to icoholder.com, several blockchain events are likely to take place in the coming months – where blockchain, ICO, and cryptocurrency experts will speak to attendees. These types of events are really helping startups explore opportunities in these revolutionary markets

In Conclusion

European laws are helping blockchain and cryptocurrency-related activities. On top of that, the majority of European member countries are planning to facilitate the use of blockchain technologies in business operations. This is because a number of startups in Europe have been outperforming the rest of the world. It’s an opportunity for European entrepreneurs and micro investors to expand their business ideas through ICO’s and blockchain technology.

 

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