European Blockchain Institute To Be Established By German State

The coming altcoin news show that besides the positive sentiment in the marketplace, there are plans for developing a new institute. This time, it is the European Blockchain Institute that is in the talks, led by the government of the German state North Rhine-Westphalia (NRW) which plans to establish the institute.

As the official press release published on May 13 shows, the European Blockchain Institute will be founded in the city of Dortmund later this year. It will be located inside the Fraunhofer Institute for Material Flow and Logistics (IML).

“The European Blockchain Institute is located to research the so-called “Internet of values” at the Fraunhofer Institute for Material Flow and Logistics (IML). The science location Dortmund with its technical university and the Fraunhofer experts for logistics is “the right place” for it.“

The press release was shared by many best cryptocurrency news sites, stating that the blockchain critics have already voiced their concern on the amount of energy that is consumed by mining Bitcoin (BTC) – and the amount that will be consumed by the European Blockchain Institute. However, the NRW Economics Minister Andreas Pinkwart has responded to the claims, stating:

“This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.”

The press release also shows that the European Blockchain Institute still puts Europe behind the United States in terms of blockchain development, saying that Europe “has to catch up” which is a goal that NRW hopes to lead in achieving.

“The blockchain technology to be researched at the new institute serves to digitally record business-to-business transactions in perpetual “eternity.” These can be contracts, title deeds, licenses, subscriptions or monetary transactions. The best-known example of this database technology is the crypto-currency Bitcoin,” the release states.

Besides the European Blockchain Institute, the latest cryptocurrency news show great adoption of blockchain across many industries. For example, Ripple’s Director of Regulatory Relations Ryan Zagone was recently in the crypto currency news, stating that the US needs to make a leap forward in implementing blockchain and crypto infrastructure. He said that “there is a recognition that blockchain and crypto will be part of our future infrastructure” which is why it is important to implement them properly.