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EU Plans to Continue Funding Blockchain-Related Projects - Commissioner

© Sputnik / Alexey Vitvitsky / Go to the mediabankEuropean Union flags in front of the European Commission headquarters in Brussels. (File)
European Union flags in front of the European Commission headquarters in Brussels. (File) - Sputnik International
BRUSSELS (Sputnik) - The European Commission plans to continue its efforts aimed at funding projects based on the use of blockchain technologies, European Commissioner for Digital Economy and Society Mariya Gabriel said Thursday.

"The Commission has not just discovered blockchain. We have been funding blockchain projects since 2013. The total support will soon reach 100 million euros [some $124 million]," Gabriel said.

The official added that the support could "go beyond" 300 million euros in the near future.

The European Union has a number of research programs, such as FP7 and Horizon 2020, which are engaged in the development of blockchain technologies. According to the European Commission's press service, the EU institution could fund projects that could draw on blockchain technologies for up to 340 million euros by 2020.

READ MORE: Investors Pour Some $240 Million Into New 'Blockchain' ETFs

Blockchain technology is a system of organization of distributed databases. It allows for various transactions to be registered and labeled with a time stamp, with the relevant information kept in a distributed database available to all network users. One of the most well-known applications of the technology is Bitcoin, a decentralized cryptocurrency, and digital payment system.

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