Per a press release, the state North Rhine-Westphalia (NRW) in German announced it has rolled out plans to set up a blockchain research institute within its borders later this year. The location of the institute will be the Fraunhofer Institute for Material Flow and Logistics (IML) in Dortmund city. Announcement of the establishment of the institute was made by Andreas Pinkwart Minister of Economics in North Rhine-Westphalia (NRW).
While the US has been at the forefront of putting in place institutes to research the usefulness of blockchain technology, the European region has been lagging behind. However, with NRW rolling out plans to establish an institute before 2019 comes to an end, the European region is catching up on the developments been made in the blockchain sector.
News of the establishment of the blockchain institute comes at a time when critics of blockchain technology have voiced their concerns on the energy bitcoin mining consumes. However, Pinkwart came out and said;
“The technology behind the mining of bitcoin can be safe, is decentralized, affordable and when used in the right way energy consumed will be low.”
Although critics have raised their concerns over the energy consumption, according to Pinkwart the benefits are numerous and that’s why the blockchain research institute is being put in place. Furthermore, there is no other better place to house the research institute rather than at the technical university in Dortmund. The latter place is full of experts who possess skills in different sectors such as logistics and together with their students, they are the right people to handle the research.
They will carry out thorough research with end results being public integration of blockchain technology into our systems. In the end, the research will translate to blockchain being used to digitize records of business transactions, host monetary transactions, used in the issuance of licenses and even storage of title deeds. Through the European blockchain research institute, German will be pioneering the researching and integration of blockchain technology into different sectors in the European region.
Although the cryptocurrency bandwagon is long gone, it is now time for governments to join the blockchain bandwagon and front mainstream adoption of blockchain. Adoption of blockchain has numerous benefits.